In 2018, there will be a shortfall of around 3,000 care home beds in the UK, with significantly more places closing than opening each year. As a population, we are living longer and many of us will need residential care throughout our golden years, creating a demand for services that we simply cannot meet with the current provisions.
With this in mind, Kuflink Bridging was delighted when we were approached by property developers looking to secure finance in order to convert a former hotel into a care home. The developers have over 40 years of industry experience between them and had put together detailed plans for their 47-bed care home, which will benefit from fantastic facilities and a modern, comfortable environment.
We agreed a c. £1.2m loan with the borrowers, which has been drawn in tranches to fund each stage of the development. The loan, ‘Green Lane IG3’, was secured by way of a first charge and an independent surveyor has certified that progress is coming along well.
Kuflink are extremely proud of our own responsible approach to lending, and are sure you’ve heard about our stringent underwriting processes and overarching commitment to security. However, it’s always great to meet borrowers that share our values, and in turn, investors who believe in funding these socially responsible projects.
If you’ve got plans to make a positive difference to your area and need short-term finance to get started, speak to our sales team today to find out why our award-winning bridging loans could be the perfect solution.