Black & White Bridging backs purchase of Norfolk pub

Black & White Bridging has provided a £244,000 funding package to help a husband-and-wife team buy a Grade II-listed pub in Swanton Morley, Norfolk.

The building dates back to 1610. The couple plan to carry out some light refurbishment before reopening the pub, and will also let the upper floors to tenants.

Two charges, one purchase

The facility combines two loans. The first is a first-charge commercial bridge secured against the pub itself. The second is a second-charge residential bridge secured against another property the borrowers own.

Using both properties as security closed the funding gap and gave the couple the full amount they needed to complete. This kind of tailored structure is common in specialist lending, where a single asset may not support the required loan on its own.

Backing a struggling sector

The deal was introduced to Matt Yates, Relationship Director at Black & White, by broker Aaron Blackwell.

Yates pointed to the pressure pubs are under from rising costs. He said Britain is currently losing around one pub a day, with an estimated 5,000 jobs expected to go this year as a result of closures. He added that Black & White is proud to support businesses working to keep the sector going.

Businesses need lenders who are prepared to back them.

Blackwell said the flexibility of the structure made the purchase possible, and that he was pleased to help return a historic pub at the heart of the local community to its former glory.