Black & White Bridging funds purchase of Grade II-listed Norfolk pub

Black & White Bridging has provided a first-charge commercial bridge and a second-charge residential bridge to fund the purchase of a pub in Swanton Morley, Norfolk.

The borrowers, a husband-and-wife team, will use the funds to purchase the Grade II-listed building, which dates back to 1610, before making some minor refurbishments and re-opening the pub.

The duo also plan to let the upper parts of the pub to third parties.

The £244,000 facility combined a first-charge commercial bridge secured against the pub with a second-charge residential bridge, using both properties to support the purchase.

This bespoke specialist structure enabled the borrowers to access the funding required to complete the acquisition, with the additional residential security helping to bridge the funding gap.

The loan was introduced to Matt Yates, relationship director at Black & White, by broker Aaron Blackwell.

Matt commented: “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.

“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."

Aaron added: “Businesses need lenders who are prepared to back them, and that’s exactly what Black & White has done with this facility.

“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.”