He is tasked to drive expansion and support new housing developments in Scotland
Property development lender Pluto Finance has appointed Jamie Drummond (pictured) to spearhead its entry into the Scottish market as lending director for Scotland.
Drummond brings over 30 years of corporate banking experience from NatWest, where he specialised in structuring and managing real estate transactions, including senior debt, mezzanine, and equity finance. He recently played a key role in building a market-leading senior real estate lending portfolio in Scotland and led high-profile deals across various sub-asset classes.
At Pluto, Drummond will focus on fostering relationships with Scottish developers and providing them with cost-effective funding to support new housing projects.
The move comes as Scotland faces significant challenges in meeting housing targets. According to Scottish government data up to September 2024, the number of new homes completed across private and social sectors fell by 10% year-on-year, with housing starts down 12%. Private sector completions dropped to their lowest level since 2018, while the number of homes where construction began reached a 20-year low.
“We are delighted to welcome Jamie to the Pluto Finance lending team,” said Pluto Finance chief executive Justin Faiz. “His considerable knowledge of the Scottish housebuilding and developer market will be key to Pluto quickly establishing a presence here.
“He will enable us to quickly deploy capital from our main fund and from Scottish investors that will be partially ring-fenced for deployment in Scotland, enabling us to help finance the much-needed building of affordable homes here.”
Commenting on his appointment, Drummond expressed enthusiasm about his new role, highlighting Pluto’s approach and its potential to benefit the local economy.
“I am really excited to be joining at a time when there is such a need from housebuilders for finance to build new homes,” he said. “Pluto’s approach will ensure local capital is used for local housebuilding thereby benefitting local supply chains and creating jobs in Scotland. I am looking forward to working with Pluto to establish the franchise in Scotland.”
Pluto Finance is continuing to strengthen its regional presence, having recently appointed Stephen Ryan as lending director for Wales. These appointments align with the company’s strategy to expand its lending capabilities across the UK, supporting housebuilding and boosting regional investment.
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