Pluto Finance has announced the successful closing of a residential development loan to support a new housing development, Sydney Road, in Watford.

The client, Signia Living, is a property developer based in Harrow, North London with a portfolio in and around North West London.

Pluto Finance have provided a £60 million residential development loan, for the development of 231 new build residential units and 120 parking spaces. The developer’s intended strategy for this scheme is fluid, and Pluto’s loan structuring allows the borrower to pursue numerous approaches for the scheme in the future.

Pluto Finance have worked with Signia on numerous occasions, ranging from small bridge loans starting from £8.0m, to this £60m transaction.

Mario Ioannides, partner at Pluto Finance, said: “We are delighted to support our good friends at Signia Living with this development. At Pluto Finance, we are continually partnering with developers that contribute essential housing supply to the local market, and we firmly believe that this latest development will yield significant advantages for the community.”

Dhiraj Dabasia, director of Jaysam Contractors and head of development at Signia Living, added: “Sydney Road, Watford is an important regeneration development in Watford and with the support of Pluto Finance, we are able to deliver over 200 new homes and continue our plans for delivering high quality development schemes across North and West London.

“We have worked with Pluto Finance now on a number of developments due to their expertise and thorough understanding of the market, and this is something we look to continue with as the size of our development schemes continue to grow.”