Silbury Finance has provided a £39m senior loan to Stonegate Homes to fund the acquisition of a 20-acre brownfield site in Dorking, Surrey.
The 12-month facility, at 90% loan to cost, is the second loan the Oaktree Capital Management-backed lender has provided to Stonegate.
The developer has secured planning to develop an initial 226 homes for sale on the site, known as Pixham End.
Alongside converting a former office building owned by Aviva Investors into 226 homes under permitted development, as part of Stonegate Home’s wider masterplan for the site, planning applications have been submitted for an additional 41 townhouses, a large retirement living development and 8,000 sq ft of commercial space.
Gavin Eustace, founding partner at Silbury Finance, said: “Working with repeat borrowers is central to our strategy and we are excited about extending our relationship with Stonegate Homes as we target £1bn of lending by the end of 2023.”
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