Silbury Finance provided a £39 million senior loan to Stonegate Homes, the residential developer focused on brownfield site regeneration in the Homes Counties. The 12-month facility, at 90% Loan to Cost, will fund the acquisition of a 20 acre brownfield site in Dorking, Surrey, where Stonegate Homes has secured planning to develop an initial 226 homes for sale.
It represents the second loan that Silbury has provided Stonegate Homes and was completed in just 15 working days, with Silbury stepping in following another lender’s inability to complete on the purchase.
The key strategic site, as outlined by the Local Planning Authority, is known as Pixham End and benefits from excellent transport links, with Dorking Train Station less than 10 minutes’ walk and direct access to the A24. 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.