Reim Capital completes £370k bridging loan for care home acquisition
Reim Capital has just completed a £370,000 bridging loan to fund the acquisition of a former family-run, care home in Newent, Gloucestershire.
The borrower, an experienced London developer, has purchased the care home and applied for planning permission to convert the site to a residential scheme, featuring four properties.
In towns and cities across Britain, ex-care homes have been coming onto the market for commercial or residential property redevelopment.
Last year saw Britain’s biggest care provider, HC-One, sell its 369 care homes, while Four Seasons was taken over after substantial losses and Care-UK’s 114 care homes were sold off.
Amar Khiroya, Principal and Co-Founder of Reim Capital commented:
“We are delighted to be working with the developer on this residential conversion. This is our first bridging loan for a care home and we are thrilled to be involved in this acquisition.
As this residential scheme will meet the requirements of permitted development, the developer is confident that planning permission will be given. The site comes with full services and good site access.”