Real estate credit firm Pluto Finance has surpassed £500m of commitments for its flagship lending fund as the strategy expands into continental Europe.

Lending Vehicle VIII is an evergreen development and property lending fund focused primarily on the UK, and has surpassed £1bn in total financing, the firm said.

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The announcement comes as the vehicle expands its lending into continental Europe, with Pluto targeting 20 per cent of financing to come from markets, including Germany, the Netherlands, Ireland, Spain and Portugal.

The fund has also introduced multi-site revolving credit facilities for UK housebuilders, Pluto Finance added.

“Running an evergreen vehicle with capital provided by long-term investors like pension funds and insurers allows us to run a lending business that puts borrower relationships first,” said Mario Ioannides, managing director, UK. “We are particularly pleased that over 65 per cent of our development lending continues to be to repeat borrowers.”

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UK-based private credit platform Pluto Finance specialises in development and bridging finance for real estate developers and housebuilders. It has provided more than £4bn of development and investment finance since its inception in 2011, according to the firm.

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