Funding secured for 184 much-needed new homes in Edinburgh
“Since opening our office in Scotland we have seen strong demand from developers across the country” – Jamie Drummond, Pluto Finance
Loans have been secured to support the construction of more than 180 homes in Edinburgh.
The financing deals come after specialist property lender Pluto Finance opened a Scottish base last year and pledged to help small and medium-sized builders deliver housing projects across Scotland.
The firm said its pipeline of new opportunities has grown strongly and currently amounts to £374 million of new lending in support of 1,824 homes. This includes 271 properties classed as “affordable homes”.
The three latest projects in Edinburgh, providing a total of 184 homes, are being delivered by experienced developers. Pluto said the York Lane development was repurposing a disused city centre car park, delivering two-bed apartments.
Cammo will provide six-bed homes in what is described as a “highly desirable area”, while the Slateford development will see 168 homes, including 43 affordable ones, built on a former brewery site in a “prime spot” in the capital.
Justin Faiz, chief executive and co-founder of Pluto Finance, said: “These transactions and our new revolving credit facility show the important role flexible private capital can play in supporting housing delivery across Scotland.
“Together they help bring forward high-quality new homes, support small and medium-sized housebuilders, and make very meaningful contributions to local communities. As we continue to increase our deployment in Scotland, we remain focused on supporting developers and schemes that can help address housing needs and drive long-term regeneration.”
Last month, Pluto announced the launch of its revolving credit facility. It is available to housebuilders delivering at least 50 homes per annum across multiple sites.
Jamie Drummond, lending director for Scotland at Pluto Finance, added: “Since opening our office in Scotland we have seen strong demand from developers across the country and I am very pleased to see the completion of these transactions as part of our strong pipeline of opportunities.
“I am looking forward to allowing Scottish SMEs [small and medium-sized enterprises] to benefit from our new revolving credit facility, similar to that available to the national housebuilders, which will allow them to make much more efficient use of their balance sheet capital.”
Comments
Want to join the conversation? Please or to comment on this article.