Black & White Bridging funds £2m Grade II-listed hotel acquisition

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.

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.

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% LTV, building on an established relationship between the lender, broker and borrower, with Black & White already providing a second-charge facility against the property.

Mike Underwood, relationship director at Black & White Bridging (pictured above), said: “This was a great opportunity to support an experienced operator in taking ownership of a business and property they know inside out.

“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.

“We’re delighted to have supported both the broker and borrower on this one.”