Blackfinch Property has provided a bridging loan for £2.8m to the purchaser of a property in the West Midlands, completing its first loan in the supported living sector.
The property is an office building that has been converted into apartments for use in supported living. Constructed in the 1960s, it is modern and accessible, providing off-road parking for 35 vehicles. It is also less than a five-minute walk from the local train station and a few minutes’ walk to the town centre, with easy access to a variety of local amenities.
The bridging loan was used to complete the purchase of the building already suitable for supported living and lease to a charity. It is expected that the freehold will be sold once fully occupied. This will help the charity further its work with those requiring supported living facilities, enabling vulnerable adults to live more independent lives.
This is the first loan that Blackfinch Property has provided within the supported living sector. Our team worked with the purchaser and charity, completing the deal in line with their aim to provide high-quality housing for independent living.
As the borrower had already exchanged on the property, the team completed a thorough due diligence in a short space of time. This included delivery of the new lease to the charity before the completion deadline.
This loan is also Blackfinch Property’s third investment in this area of the country. It reflects our ongoing support for the market in the West Midlands. It also forms part of our continued expansion across the UK as we back ambitious developers.
Blackfinch Property is a fully funded provider of innovative short-term bridging and development financing solutions. For more information email [email protected].