This is an extension of an existing £68m facility provided to developer Avanton which is redeveloping a warehouse to create 292 mixed tenure homes over two blocks.

This includes 30 additional homes which the new funding will facilitate.

Altogether, the revised scheme will have a GDV of around £160m and is due to complete in 2027. Of these homes, 40% are already pre-sold.

“This is the optimal outcome for one of our longest-standing clients,” said Gavin Eustace, CEO at Silbury Finance. “The last couple of years have seen developers grappling with an evolving regulatory landscape, which has forced many to make changes mid-scheme.

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“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.”

Omer Weinberger, CEO at Avanton, added: “We are pleased we were able to creatively deliver several value-engineering items to enhance the forecasted profitability as well.

“With over 40% of the homes pre-sold, we are excited for this project to enter the next stage of development. Our thanks to Silbury for their ongoing support and flexibility, as their strength of funding and committed capital meant that they were able to support a significant step up in the project.”