Specialist lender Black & White Bridging has provided £244,000 of bridging finance, combining a first-charge commercial bridge and a second-charge residential bridge, to fund the purchase of a country pub in the Norfolk village of Swanton Morley.
The borrowers, a husband and wife, will buy the Grade II listed building, which dates back as early as 1610. They plan to carry out minor refurbishments and reopen the pub, and to let the upper parts of the building to third parties.
The £244,000 bridging finance used both properties as security: the commercial bridge sits against the pub, and the residential bridge adds a second charge. That structure gave the borrowers the funding needed to complete the acquisition, with the additional residential security helping to close the funding gap.
Broker Aaron Blackwell introduced the loan to Matt Yates, relationship director at Black & White.
“Pubs face many challenges in today’s economy with rising costs – as things stand Britain loses one pub per day, and it’s estimated that 5,000 jobs will be lost this year as a result of the closures,” said Yates.
“We’re proud to be supporting businesses that are working hard to keep industries buoyant, and in this case, providing proper specialist funding for a lovely country pub in Swanton Morley.”
“Businesses need lenders who are prepared to back them, and that’s exactly what Black & White have done with this facility,” added Blackwell. “The specialist nature of the structure has enabled flexibility for the borrowers, and it’s pleasing to be able to help get this pub back to its former glory; it’s a fantastic historical pub and a real part of the local community.”
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