Pluto Finance has completed a £55m loan to joint venture partners Signal Capital and Sheen Lane for the redevelopment of the former Dell Headquarters in Brentford. It will be transformed into a vibrant Build to Rent community which will deliver 206 new homes.
Due to the building’s height, the project will be the first Permitted Development (PD) scheme that needs to navigate through Gateway 2.
Despite this complexity, Pluto Finance successfully provided a 70% Loan to Gross Development Value (LTGDV) facility for the Build to Rent scheme on competitive terms. The company also facilitated a VAT loan beyond the 70% LTGDV facility.
The loan transaction was underwritten and executed quickly by Pluto Finance, which allowed Signal Capital to acquire the asset without the need for an acquisition bridge loan or a VAT bridge loan from an alternative lender.
“Pluto Finance efficiently facilitated a significant development loan, demonstrating a commercial approach during negotiations to help Signal Capital secure funding for the acquisition and construction of the 206-unit Build to Rent scheme in Brentford.
“This was our first transaction with Pluto, and we were impressed with the speed at which they turned the loan around, even providing assistance with a VAT loan. We look forward to partnering with Pluto to create an exemplary Build to Rent scheme that will offer great value in West London.”
A spokesperson from Signal Capital
Pluto Finance and Sheen Lane have a longstanding relationship. As a repeat borrower, Sheen Lane is recognised for their exemplary track record in office-to-residential conversions.
Pluto Finance is also pleased to collaborate with Burges Salmon, a trusted legal partner they work with regularly.
“Sheen Lane is a repeat borrower of Pluto, whom we continue to support as their track record for delivering office-to-residential conversions is second to none. Pluto Finance is also impressed with new partners Signal Capital, who have ambitious targets in creating a high-quality residential Build to Rent platform, which is much needed in London and the Southeast. We look forward to working with them both on the Brentford project and again on future transactions.”
Mario Ioannides, Partner, Pluto Finance
