“This was a great opportunity to support an experienced operator in taking ownership of a business and property they know inside out.”
– Mike Underwood – Black & White Bridging
Specialist lender Black & White Bridging has completed a £2m first charge commercial bridging facility to support the acquisition of a Grade II* listed freehold hotel in Shropshire by its long-standing operator.
The borrower, an established landlord and the hotel’s current operator, was given the opportunity to acquire the freehold following their long-standing involvement with the business. Having managed the hotel on a day-to-day basis, they have extensive operational experience and a detailed understanding of the property and its trading potential.
The Grade II* listed country house hotel is set in 34 acres of gardens and woodland on the outskirts of Shifnal, near Telford. The property also has its own lake and leisure facilities.
With a swift completion required to secure the acquisition, Black & White Bridging provided the speed and certainty of funding needed to complete the purchase, allowing the experienced operator to take ownership of a property they have successfully managed for many years.
The £2m facility was completed at 55% loan-to-value, reflecting Black & White Bridging’s appetite for Grade II* listed properties. The transaction also builds on an established relationship between the lender, broker and borrower, with Black & White already providing a second charge facility against the property.
“This was a great opportunity to support an experienced operator in taking ownership of a business and property they know inside out,” Mike Underwood, relationship director at Black & White Bridging, said.
“Their long-standing involvement with the hotel gave us a clear understanding of the proposition, while the lower leverage provided a sensible structure for the acquisition.
“For us, it’s exactly what specialist bridging should be about: understanding the deal, moving quickly and giving the borrower the certainty they need to get the transaction over the line. We’re delighted to have supported both the broker and borrower on this one.”
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