In his role at Pluto Finance, Drummond will help to build relationships with developers in Scotland and help to offer them “flexible and cost-effective funding to support their new housing development projects”.
Drummond has spent around 30 years at NatWest and has “extensive experience of structuring and managing real estate transactions across senior debt, mezzanine and equity finance”.
He most recently played a “key role” in “market-leading senior real estate lending book in Scotland and led high-profile transactions across all sub-asset classes”.
Pluto Finance said the opportunity to deploy capital for housebuilding in Scotland is “considerable”.
Figures from the Scottish government show that, to the end of September 2024, the number of new homes – both private and social housing – fell 10% year-on-year and homes started were 12% lower.
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Private sector completions are at their lowest level since 2018 and the number of homes where building had started is at its lowest level for 20 years.
Justin Faiz, CEO of Pluto Finance, said: “We are delighted to welcome Jamie to the Pluto Finance lending team. His considerable knowledge of the Scottish housebuilding and developer market will be key to Pluto quickly establishing a presence here.
“He will enable us to quickly deploy capital from our main fund and from Scottish investors that will be partially ring-fenced for deployment in Scotland, enabling us to help finance the much-needed building of affordable homes here.”
Drummond said: “Pluto’s innovative proposition to the market and outstanding professionalism is a standout for me and I am really excited to be joining at a time when there is such a need from housebuilders for finance to build new homes.
“Pluto’s approach will ensure local capital is used for local housebuilding, thereby benefitting local supply chains and creating jobs in Scotland. I am looking forward to working with Pluto to establish the franchise in Scotland.”
Earlier this month, the firm named a lending director for Wales.
