Blackfinch Property has provided a c.£0.8m bridging facility for a property in Lancashire
Blackfinch Property has provided a c.£0.8m bridging loan to refinance a specialist supported living facility in Lancashire. The loan represents Blackfinch Property’s second investment in the supported living sector, which provides accommodation for vulnerable adults.
The ten self-contained flats in the facility have an agreed lease of 21 years with a supported living provider. The loan will be used for the refinancing of existing finance and to support the pipeline of new supported living projects.
There was a particularly tight timescale to complete the project, with a complex series of leases to be assessed. Furthermore, as a result of the coronavirus pandemic, remote-working arrangements were implemented in the midst of the due diligence. However, seamless work by the Blackfinch team, including management of multiple parties, ensured completion on time.
" We are delighted to complete a new loan despite the wider market uncertainties during this difficult period. We are particularly pleased to provide another loan in this emerging sector which helps vulnerable adults live more independent lives, and which we believe to be resilient at this time. John Hartigan, Investment Manager at Blackfinch Property
Blackfinch Property is a fully funded provider of innovative short-term bridging and development financing solutions. For more information email [email protected]