Pluto Finance is delighted to announce the successful closure of a £55 million loan to JV partners Signal Capital and Sheen Lane. The transaction marks a significant milestone in the redevelopment of the former Dell Headquarters in Brentford into a vibrant residential community with 206 residential unit for Build-to-Rent (BTR) purposes.

Pluto Finance has a longstanding relationship with Sheen Lane, a repeat borrower recognised for their exemplary track record in office-to-residential conversions. We are also pleased to collaborate with Burges Salmon, a trusted legal partner we work with regularly.

This project is notable for being the first Permitted Development (PD) scheme that needs to navigate through Gateway 2, due to the building’s height. Despite this complexity, Pluto Finance successfully provided a 70% Loan to Gross Development Value (LTGDV) facility for the BTR scheme on competitive terms. Additionally, we facilitated a VAT loan beyond the 70% LTGDV facility.

The entire transaction was underwritten and executed efficiently and quickly, allowing Signal Capital to acquire the asset without the need for an acquisition bridge loan or a VAT bridge loan from an alternative lender.

Mario Ioannides, a Partner at Pluto Finance commented “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 BTR 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.”

A spokesperson from Signal Capital commented, “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 BTR 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 BTR scheme that will offer great value in West London.”