Pluto Finance has secured a £19.3million loan for Pocket Living to help the property developer deliver future affordable schemes.

The 12-month loan facility, structured by LEXI Finance, was secured by the recently completed Addiscombe Grove scheme by Pocket Living in Croydon, south London.

The development – delivered as a joint venture between Pocket Living and housing association Optivo – comprises 153 affordable homes, including 112 one-bedroom apartments and 41 houses.

The flats are available exclusively to first-time buyers who live or work in London and earn below the Mayor of London’s income threshold for affordable housing, with prices starting at £260,000.

Each apartment has access to three landscaped rooftop gardens, as well as amenities including a residents’ lounge, co-working space, wellness room and bike storage.

In the meantime, the 41 houses will be available in condominiums.

Addiscombe Grove was designed by Metropolitan Workshop and was completed in March this year.

Paul Rickard, Pocket Living’s Chief Financial Officer, said: “This £19.3m funding agreement marks Pocket’s second deal with Pluto Finance and demonstrates its confidence in us and our model, as well as the need to continue to deliver homes to those who otherwise could. not being able to climb the ladder in their area.

“We recently completed our 1,000th home in Addiscombe Grove in Croydon and, with the support of suppliers such as Pluto Finance, we look forward to delivering many more much-needed homes in London and beyond.”

Greg Dunne, Head of Loans at Pluto Finance, added: “Pluto Finance is delighted to have entered into a second loan with Pocket Living, demonstrating our confidence in their model and product, but also strengthening our relationship with them.

“At Pluto, we pride ourselves on building customer loyalty, helping to provide a flexible and efficient service for all their financing needs.”

Sam Le Pard, Director at LEXI Finance, added: “Pocket Living and Pluto got along well, so we were delighted to have structured the installation and brought these partners together.

“Greg and the team at Pluto quickly understood Pocket’s unique model and presented incredibly competitive conditions.

“LEXI is proud to have supported Pocket Living in delivering affordable homes for locals and we look forward to working with both parties again in the near future.”