Pluto Finance has introduced a new Flexi-Rate bridge loan product with competitive tailormade rates on its Residential Development Exit Loans from £3 million plus, with monthly rates matching the development’s Loan To Value (LTV).

Flexi-Rate Development Exit

Development exit on completed stock
Minimum £3m loan size
Monthly rate = LTV (e.g. 55% = 0.55% pm)
Max 77% LTV
Arrangement Fee 0.5% up to 70%, 1% above 70% LTV
LTV assumes 12 months interest and fees included

Furthermore, Pluto is extending the Flexi-Rate pricing to Finish and Exit Bridge Loans.

Flexi-Rate Finish and Exit

Minimum £3m loan size
Maximum 72% LTV
1% Arrangement Fee
Dev Exit Flexi-Rate (as above) +0.2% pm until practical completion
Dev Exit Flexi-Rate from practical completion
Minimum construction draws of £100k
No ground or structural works
Lender monitoring surveyor to verify cost to complete; no more than 30% of total build costs outstanding
Development must be watertight, with up-to-date building control and new homes warranty
LTV figure includes 12 months equivalent interest and fees