Bridging loan secured against a care home

Our client required finance to purchase two investment properties for him to redeveloped and sell. Funds were required for the purchase and also to carry out the required work. The full purchase price, legal fees, stamp duty and funding for the redevelopment was all required. The properties being purchased were used as security and also a second charge on a care home that our client owned and operated.

Care homes are difficult to use as security, especially as a second charge, because many lenders refuse to lend against them. Fortunately we have a number of lenders happy to lend against care homes, to the extent that over the past five years funding care home purchases or raising capital secured against them, has become a speciality of ours.