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Buyacarehome.com recommends that you obtain impartial and
specialist advice on funding.
It is important to remember that Care Home funding is individually assessed and will even vary from purchaser to purchaser on the same business; therefore it is vital that you have specialist advice.
Before you register with agents, it is advisable to speak to experts who understand finance for the Care Sector; they will give you an indication of your maximum price. The maximum price calculator is also a useful guide.
For your deposit you can use cash, security (in the form of property) or a combination of the two. This can be as little as 15% up to as much as 35% depending on the quality of the asset you are purchasing and also your background and experience. A good financial broker, such as Chandler & Co, will help you present these factors in the best way to ensure you maximise your options.
Once you have found a suitable business and you are considering making an offer gather together the sales particulars, accounts and any up to date management figures and speak to your adviser about this specific home. They should be able to advise you in detail on its suitability and the likely level of funding available.
Remember - your high street bank manager may be able to offer you funding for your purchase but it may not be the most competitive package in the market. Also bear in mind that with an ever changing market your local bank manager may not have enough of an understanding of the industry to be able to advise you on whether you should buy the home – talking to a specialist / expert is essential.
It is worthwhile keeping your options open. An approach to one or two lenders may not give a fair reflection of the marketplace, or a reasonable opinion of how competitive the facility offered actually is.
Buyacarehome.com only recommend specialist finance brokers Chandler & Co. Working entirely in the Care Sector, Chandler & Co have access to every lender in the country and will give impartial, well-informed advice.
