FUNDING FOR THE CARE SECTOR - It’s important to use the right broker by Mark Hickman - Director at Chandler & Co
Chandler & Co have been arranging mortgages in the care sector for over 25 years and have worked through many challenging times. The care sector is the only sector we work in and we are still going strong, proving that there are deals to be done in the marketplace. We can arrange all aspects of mortgaging for clients whether it is for acquisition, refinance, development, loan re-structuring, or a partnership buyout. It is now more crucial than ever to access the whole market to ensure not only that appropriate funding is secured for the client, but that they are aware of the full spectrum of what is being offered. As a company we are working on nearly 100 deals, a staggering number considering we only work in the care sector and are working with 14 different lenders.
Every deal is different, and we recently worked on a case with the team at Albert Goodman where we secured competitive funding for a local care provider who operated a private boutique care home in the South West. The care home had an ‘Outstanding’ CQC report to help them secure a new acquisition for a second care home in the South West, which would be extended from a mid-20 bed care home to one with over 40 beds. It is possible to obtain funding for these types of expansion although some lenders would be restricted in certain aspects, such as the bricks and mortar value of the property or the number of beds. In this instance not having access to the whole market could potentially be problematic for the buyer, because if they were let down by a lender or not able to secure a mortgage which would enable them to complete the transaction, their creditability would be affected. Furthermore, if they were 4 weeks into the transaction then to begin the process again would cause further delays, and in reality, potentially lose them the transaction.
The message therefore is that there has never been a better time to speak to Chandler & Co about funding for your care business given our vast experience, knowledge, and contacts within the care sector. We work on a ‘results only’ basis and would only take on a transaction if we were confident that we could successfully secure funding.