Matthew Pritchard, formerly head of European real estate debt at Man Group, and Gavin Eustace, formerly head of residential development at Octopus Real Estate have formed Silbury Finance which will focus on the UK living sector.
Silbury, which is being backed by funds managed by Oaktree Capital Management, is a platform aimed at providing bespoke senior development finance solutions for property professionals active in the UK residential, retirement and student accommodation sectors.
It 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.
Pritchard spent six years as head of European real estate debt at Man Group, before joining Oaktree as a Senior Advisor. Eustace was previously head of residential development at Octopus Real Estate, where he was responsible for over £1 billion of lending.