£100 Million Funding Line Set Up To Support Property Sector

We recently supported specialist lender Black & White Bridging in securing a new funding line worth £100 million to support businesses in the property sector.

Providing bridging and development finance for property purchases, the funding facility means Black & White can increase its maximum loan size from £1.5m to £7.5m. This can be increased on referral and with ‘enhanced due diligence’.

The lender, which has completed more than 300 loans since 2013, works with brokers and investors, specifically in real estate, across both residential and commercial deals. The new range of bridging loans will offer competitive interest rates and variable proc fees, enabling brokers to decide their earnings and what rate to select for clients.

Thoughts From All Involved

Martyn Smith, managing director at Black & White, said: “We have ambitious growth plans, and this new funding line will enable us to increase the speed of our growth while helping intermediaries, investors and developers.

“We aim to make a real difference in the bridging market. Increasing our loan sizes and reducing our interest rates while maintaining excellent service shows our clear intention to make a positive difference.” Paul Hardman, corporate partner, who led the deal, said: “This was genuinely an innovative deal involving the creation of a structure that satisfies legal accounting and tax requirements as well as achieves commercial objectives.

“We worked with Black & White Bridging on the deal terms over the course of five months, creating, reviewing and negotiating the main transaction documents, overhauling the existing loan terms, carrying out due diligence on a back book of loans, and advising on regulatory compliance matters. We’re delighted to see it launch!” Under Paul’s leadership, the team included banking experts Russell Jarvis, John Rice, Hannah Pickering, Simon Coghlan and Mariam Mansoor; corporate specialists Nic Barker, Catherine Moss and Shanice Spencer; and tax partner Huw Witty.