Galliard Homes has received a £30m loan from Pluto Finance to develop a 228-flat scheme in Hounslow, west London.
The Trinity Square scheme will receive funding equivalent to 75% of the cost of development over two years from the specialist residential development finance provider.
The scheme will involve developing flats within the former headquarters of American Airlines as part of Galliard’s “Get on the Ladder” campaign, which aims to provide new homes priced at less than £300,000.
All units in the complex were sold within three hours of coming to the market, a record for Galliard Homes.
This is the second loan that Pluto has extended in the past month. It recently backed Marden Homes with a £29m loan to develop a number of its sites across London and the South East.
Pluto received backing from Blackstone, Clearbell and other institutional investors in April 2014, giving the lender a total of £360m in firepower at the time.
Pluto has extended finance to projects with a total gross development value of £1bn for residential projects.
