Assetz Capital supports care sector with £1.7m funding for SLG Construction

By Bridging Loan Directory 5th May 2022

Specialist marketplace lender Assetz Capital has provided North-West-based construction company SLG Construction (SLG) with a commercial mortgage of £1.7m to assist with the refinance of their current property portfolio and the acquisition of two further sites in the care sector.

The SLG portfolio comprises two former weaver’s cottages that have been converted into assisted living units and an associated day space, and a new build office and assisted living accommodation known as Harden House.

The office part consists of new build self-contained office space across 3 floors, with the assisted living facility providing self-contained 1 bed accommodation and shared services.

The houses and the majority of the office building, located in Macclesfield, Cheshire, are let to the East Cheshire Housing Consortium, who provide support and housing for people with mental health needs.

SLG will use £800,000 of the loan from Assetz to repay an outstanding CBILS loan, with the remainder to be used in the acquisition of a further two sites that will ultimately be re-developed or refurbished into additional assisted living units.

The new units will similarly provide homes for vulnerable adults and facilitate a form of independent living with day-to-day support on all aspects of their lives.

Colin Doyle, Relationship Director for Assetz Capital said:

“It’s great to be providing this loan as we have helped to fund the next stages of the growth for SLG’s business whilst helping to create much needed additional assisted living housing stock to the local area.”