Blackfinch Property Completes its
Third Loan in the Supported Living Sector
The team has provided a c.£1.2m bridging facility for a property in Cheshire
Blackfinch Property has completed a c.£1.2m bridging loan to fund a specialist supported living facility in Cheshire, North West England. The loan represents its third investment in the supported living sector, which provides accommodation for vulnerable adults.
The loan will be used to purchase the property which consists of a building with 12 existing flats. There is also scope to adapt the downstairs into four additional units. This is Blackfinch Property’s second loan with this borrower, enabling vulnerable adults to live more independent lives.
A flexible lease structure was agreed to reflect the current uncertainties over the timing of the refurbishment work for the four additional units. Mid-due diligence, all stakeholders adapted effectively to the restrictions of the coronavirus lockdown, with the only impact being some delays to documentation in the post from overseas.
Alex Common, Legal Counsel at Blackfinch Property, said: “We are delighted to complete another loan during lockdown and our second loan with this borrower. This continues Blackfinch Property’s investment in the supported living sector, which we see as making an important difference to the lives of vulnerable adults.”
Blackfinch Property is a fully funded provider of innovative short-term bridging and development financing solutions. For more information email [email protected].