Pluto Finance said the office in Edinburgh on 26 Alva Street will allow it to better serve its Scottish investor bases and property developer market. The firm said loan sizes range from £5m to £100m.
The firm said the banks have retrenched from the SME development lending market, giving Pluto Finance an opportunity to grow and offer developers “flexible and innovative lending solutions”.
Pluto Finance added that the need for SME development funding is considerable, pointing to the rate of new-build housing falling far below the government’s housing targets.
The company entered the Scottish market in March this year, bringing on Drummond as its lending director.
Jamie Drummond, Pluto Finance’s lending director for Scotland, said: “The Scottish market provides a considerable opportunity for tailored development finance, driven by strong demand from SME developers and a clear gap left by the withdrawal of traditional banks. Pluto’s ability to provide fast, flexible and structured capital allows us to support a broad spectrum of development projects.
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“We are one of the few lenders able to serve both large corporate and SME borrowers, offering leverage and pricing solutions that compete effectively with high street banks, challenger lenders and alternative finance providers. Establishing a permanent presence in Edinburgh strengthens our ability to deploy capital efficiently and reflects Pluto’s long-term commitment to the country’s housing delivery.”
Justin Faiz, CEO of Pluto Finance, added: “Our decision to open in Edinburgh and appoint Jamie reflects the scale of the opportunity in Scotland. The Scottish housing market and wider commercial development market needs new sources of funding and we are committed to deploying capital here.
“Our new office will play a key role in helping us support local developers, strengthen local supply chains, and accelerate the much-needed delivery of new homes.”
