Pluto Finance, provider of private credit for residential and commercial property developers, has appointed industry veteran, Frank Pennal, as non-executive adviser.
Pennal brings experience to Pluto from senior property finance and lending positions, most notably as CEO of Close Brothers Property Lending, a role he held for 19 years.
Under his leadership, Close Brothers grew its loan book from £40m to £1.7bn, financing the construction of approximately 7,000 new homes across the UK at any one time.
Pennal was also a director of Close Brothers Limited from 2008 and served on the group executive from 2019 until his retirement in 2023.
Justin Faiz, chief executive officer of Pluto Finance, said: “Frank joins Pluto’s Advisory Panel at a very exciting time.
“Against a backdrop of a critical undersupply of housing, ambitious government housebuilding targets, and the withdrawal of traditional banks from property finance, non-bank lenders now play a key role in filling the funding gap and meeting this societal need.
“Frank’s experience and strategic advice will be instrumental in helping Pluto capitalise on this opportunity and we are delighted to welcome him to the team.”
Frank Pennal, non-executive adviser to Pluto Finance, said: “I have keenly observed Pluto’s growth as it has become one of the UK’s leading providers of finance for vital housebuilding projects.
“I have also been impressed by the strength of its relationships with developers, as evidenced by its strong rates of repeat business, and its ability to attract high quality institutional capital to fund its growing loan book and pipeline.
“This is an exciting time to join Pluto’s Advisory Panel, and I look forward to working with Justin and the team to help achieve its ambitious growth targets.”
