Firms set up housebuilder loans

Specialist property financiers Pluto Capital and Mountgrande Investment Management have set up a £50m fund to finance housing projects in London and the south-east, the firms said yesterday. Pluto Finance, the fund manager, expects to provide mezzanine loans over the next three years in a bid to bridge the funding gap in residential projects left by larger lenders. Pluto partner Chris Philp said the fund aims to attract more investors and extend its reach “in due course”.