Blackfinch Property, a rapidly growing agile lender to the UK property market, has completed a £1.3m commercial refinancing loan for a popular Birmingham restaurant.
The 24-month deal will help to secure the future of the restaurant, a much-loved part of the community in Sparkhill, a suburb around three miles from Birmingham City Centre.
Blackfinch Property, part of Blackfinch Group which acts as an investment manager and is committed to helping individuals, businesses, and communities to thrive, will refinance the current lender and provide long term debt against the property, with the interest to be serviced by the underlying income from the restaurant.
Philip Downie, Investment Manager at Blackfinch Property, says: “We are pleased to continue to support this borrower and continue our growth in the commercial term loan and buy to let market, for which Blackfinch has completed a number of loans recently. The loan is secured against a popular local restaurant located in a very strong retail sub-market of Birmingham.”
Blackfinch is proud to screen all investment opportunities against criteria that will deliver Environmental, Social and Governance (ESG) benefits. The restaurant is a key provider of employment for people in the area, which made this an interesting deal for Blackfinch.
The deal also represents further expansion of Blackfinch Property’s loan book into the commercial term loan market, while continuing to support a borrower that’s well-known to the company, with three loans now placed with them. It was an attractive deal, well-structured with a loan to value of 70%.