Silbury Finance has provided a £67m senior loan to real estate investment and development company MCR Property Group.
The 24-month facility will fund the development of 341 homes in Bedford. It is the third deal between the two parties.
The scheme, located on Dallas Road, has planning permission for the phased development of 297 one and two-bedroom flats for private sale, 28 townhouses and 16 shared-ownership properties.
Gavin Eustace, chief executive of Silbury Finance, said: “Looking through the near-term macroeconomic volatility, the UK faces an acute shortage of new homes for both sale and rent, and it will be dynamic, established developers like MCR that will be key to solving the current crisis.”
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