A specialist lender has provided £244,000 in bridging finance to facilitate the purchase of a Grade II listed public house in Swanton Morley, Norfolk. Black & White Bridging structured the deal using a combination of first-charge commercial and second-charge residential bridging finance.
The borrowers, a married couple, are acquiring the building, which dates to 1610, with plans to undertake minor refurbishments before reopening. The financing structure uses both properties as security, with the commercial bridge secured against the pub and the residential bridge adding a second charge. The upper portions of the building are planned to be let to third parties.
The transaction occurs as the pub sector faces challenges, with an estimated one pub per day being lost and 5,000 jobs expected to be lost this year due to rising operational costs. This financing approach reflects broader challenges in the UK property market, where specialist lending structures are becoming increasingly relevant for commercial property acquisitions as market recovery has stalled.