Finance firm invests £10m in Somerset housing scheme
Property investor Pluto Finance has completed a £10m loan with a partnership formed by Devonshire Homes and Housing Growth Partnership,
The funds are for a project featuring 31 high-quality homes in Wincanton and the deal is Pluto Finance’s first loan with Devonshire Homes and HGP.
The deal took just seven weeks from credit approval to loan completion, showcasing the efficiency and commitment of all involved parties.
Jonathan Scott, lending director at Pluto Finance expressed his enthusiasm about the partnership.
He said: “We are delighted to work with Devonshire Homes and HGP on this project. The speed of execution and our ability to navigate complexities demonstrate our commitment to providing innovative financing solutions. Together, we aim to create exceptional housing opportunities while fostering economic growth and employment in the area.”
Angus Cook, managing director at Devonshire Homes, added: “We’re pleased to be partnering with Pluto Finance and HGP to bring this development to fruition. This partnership has allowed Devonshire Homes to react rapidly and now, Dancing Green will bring much-needed, high-quality new homes to people who really need them.”
Arnaud De Blay, investment director at Housing Growth Partnership, said: “I am really pleased to have completed another investment alongside Devonshire Homes, a long-standing and very successful partner.
“Pluto Finance have been great to work with and have, all along the transaction process, demonstrated a willingness to understand our requirements and a commitment to get the deal over the line in the required timeframe.”
