Pluto Finance has raised 拢500m (鈧�571m) from institutional investors for a UK residential development lending fund.
Blackstone and Clearbell Capital have for the alternative lender, which has been active since 2011.
The new fund will provide senior debt, bridging loans and stretched senior finance to UK housing developers.
Pluto Finance partner Justin Faiz said the company is providing 鈥渓ower leverage senior debt鈥� with interest rates from 3.95%, which, he said, is 鈥渃heaper than the challenger banks, and competitive with the clearing banks but with a much faster turnaround time鈥�.
Jonathan Morgan, director of investment and developments of Galliard Homes, said the developer is in 鈥渁dvanced discussions to take Pluto鈥檚 new senior loan facility on a number of projects鈥�.
Pluto Finance provides senior loans between 拢3m and 拢30m up to 60% loan to value (LTV), as well as stretched senior loans between 拢5m and 拢50m up to 80% LTV. Bridge loans between 拢1m and 拢10m are offered up to 75% of current use value.
The company has recently appointed four staff to its lending team.
