Two experienced property finance executives, backed by funds managed by Oaktree Capital Management, L.P. (“Oaktree”), have launched Silbury Finance (“Silbury”), a platform providing bespoke senior development finance solutions for property professionals active in the structurally undersupplied UK residential, retirement and student accommodation sectors.
Launched against the backdrop of the Covid-19 pandemic, Silbury was founded by Matthew Pritchard, formerly Head of European Real Estate Debt at Man Group, and Gavin Eustace, formerly head of Residential Development at Octopus Real Estate. The platform will underwrite loans typically in the £10 million to £150 million range with an LTV between 60 and 70%, and is targeting half a billion pounds of lending in 2021 and up to £3 billion of lending over the next six years.
Silbury is seeking to capitalise on growing borrower appetite to partner with experienced property lending professionals to access flexible bespoke loans. Credit supply in the segments targeted is constrained in part due to the decreased capacity of UK clearing banks to lend to certain real estate sectors.
Silbury represents the latest Oaktree platform created to seek to take advantage of a dislocation of traditional financing sources to create a market leader in an attractive market segment.
Matthew Pritchard and Gavin Eustace have over 40 years combined of real estate lending experience, having originated over £3 billion of real estate loans across the debt stack and across a range of use classes. Prior to launching Silbury, Matthew spent six years as Head of European Real Estate Debt at Man Group, before joining Oaktree as a Senior Advisor. Gavin was previously Head of Residential Development at Octopus Real Estate, where he was responsible for over £1 billion of lending.
Source : Company