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Pluto Finance has provided a £24 million stretched senior loan to fund the purchase of an office block and its conversion into residential flats.
Development Finance Today reports that once the property in Ilford is completed, it will provide around 100 flats, plus office and rental space.
The specialist residential development lender provided approximately 90% loan-to-cost funding and is reportedly funding the construction of 2,000 new loans across its lending book.
Pluto relaunched its stretched senior lending and lowered its rates in March after it secured over £500m of funding. The specialist lender provides loans between £3m and £50m and it will lend up to 90% loan-to-cost (excluding rolled up interest) and 80% loan-to-value also excluding rolled up interest.
Pluto started providing bridging loans in July 2017 and now provides loans between £1m and £6m for between three and six months. It typically lends in London and the south-east and secures a first charge loan on properties as security.
Call Trinity Specialist Finance on 020 7016 6151 to secure funding for office-to-residential build or bridging loan.