An established chain of care homes wanted to acquire a further nursing home and refurbish the ones they had. The business had been profitable but had encountered some issues due to a change of care manager and the opening of a new care home nearby.
The client was referred to Lime Consultancy by the company’s IFA who thought that the deal the client had been offered by their bank was not good enough and did not provide the care home with enough cash to do everything they needed.
What We Did
We visited the client at his local care home, spent time understanding the business and the issues that had led to the position now. We also went through the financial accounts to ensure we understood the position and how the proposed changes would improve things.
Following this we approached a lender with whom we had completed other care home funding. Our presentation of the facts and support of the business meant we provided the client with an approved loan offer of £1.4m, this enabled the client to complete everything they needed and gave enough cash for them to refurbish a further home planned for 2015.
The loan offer was provided to the client inside 10 days.
Care Home Lending Resources
This case study gives an overview of what we can achieve. We also publish resources to enable Care Home operators to more easily prepare and seek borrowing, follow this link to download relevant articles and resources relating to sourcing finance in the care home sector.