Silbury Finance has upsized and extended an existing £68m facility to property developer Avanton with a new £33m commitment, which will fund the development of an additional 30 homes at Avanton’s Old Kent Road redevelopment. 

The scheme is located on the former Carpetright warehouse and will now total 292 mixed tenure homes over two blocks, with the additional homes, for which planning has been secured, a requirement for the inclusion of a second staircase.

Gavin Eustace, CEO of Silbury Finance, said: “This is the optimal outcome for one of our longest-standing clients. The last couple of years have seen developers grappling with an evolving regulatory landscape, which has forced many to make changes mid scheme. Our residential sector expertise and discretionary lending strategy means we are comfortable adjusting our lending proposition to support clients, which is paramount to growing the loan book whilst fostering long-term sponsor relationships.”

The revised scheme, which has a GDV of c. £160m, is due to complete in 2027, with 40% of the homes already pre-sold.