Loan amount: £375k
Supported Living Care Home – Blackpool – £450k – Our client ran a number of small residential supported living care homes in the North West of England. At the time he was currently leasing two of the premises. When the opportunity arose to buy one of the leased properties, it seemd like sound business sense for the client to add the additional property to their portfolio.
Being as the care home was operating as a good trading business the affordability to purchase was no issue, however they found that most commercial lenders can be fairly reluctant to lend against care homes due to the potential reputational damage if they had to repossess the property in the future.
With options running out for the client, they contacted the Specialist Lending Department at One 77 who were able to assist. As we have complete market access, so can therefore access many bespoke and specialist routes to finance. We were able to secure an excellent rate for the client and a desirable LTV of 70% across a 15 year term meaning they could purchase the property hassle – and fee – free.
Do you require long or short term bridging finance? For our full range of specialist finance options and products call our Specialist Lending team on 01249 474956.