Pluto Finance is targeting at least £50m of lending in Wales next year.
The specialist development and bridge lender is working with the pension scheme of one of the region’s largest employers to provide capital that is ringfenced for deployment in Wales.
The capital has been earmarked for the funding of housebuilders and developers to deliver much needed local housing.
The region will be initially covered by lending directors Jonathan Scott and Evan Griffin, with the intention to hire a dedicated Welsh lending director early in 2025.
“In England, 65% of Pluto’s lending is to repeat borrowers and over time we would expect that to be repeated in Wales”
Scott said: “We are delighted to expand our development lending programme to Wales, bringing Pluto’s excellent customer service and rapid turnaround.
“In England, 65% of Pluto’s lending is to repeat borrowers and over time we would expect that to be repeated in Wales.”
Evan Griffin, Pluto’s lending director, added: “We will be providing finance at up to 70% LTV with market leading pricing.
“With loan sizes ranging from £1m – £50m, and development finance starting at £3m upwards, we will be targeting in particular housebuilders that have outgrown their current lender.”
