Pluto Finance has closed a total of £31.5 million in bridging loans, to finance two properties in Poplar in the London Borough of Tower Hamlets in East London.
The specialist property lender provided a £12.7 million loan to fund the acquisition of a former document storage centre in Poplar.
The property is located in a strategic position in the London Borough of Tower Hamlets, between Limehouse and Silvertown, and currently has B8 storage and distribution use.
Mario Ioannides, Lending Director at Pluto Finance, comments: “The borrower for this loan is a specialist at obtaining significant planning consents and we are delighted to lend to such an experienced and diligent client. We provided a 12-month bridge facility with the option to extend for a further 12 months if required.”
Also, within Poplar, Pluto has provided a £19 million development exit bridge to allow a repeat borrower to take out a significant equity release after achieving practical completion.
Mario adds: “At Pluto Finance we are able to move very quickly to provide finance facilities of this type to assist borrowers at all stages of development.”