Care home purchase, Nottingham
Experienced borrowers are purchasing a vacant care home in Nottingham, which completed just days before Christmas.
Amount Funded:
£1.5m
PRoduct type:
Residential Bridging
Term:
12 months
property:
Vacant care home
exit:
Refinance
The borrowers are experienced in property and development as well as owning and managing multiple properties, and will be let to a reputable care operator on a long-term lease. The care home has undergone extensive refurbishment, with just the kitchen needing to be fitted to be let in January/February. The care home sits on 1.78 acres of land, with 53 bedrooms that have en-suites and tea stations.
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Amount funded
£1.6m
PRoduct type:
Commercial Bridging
term
7 months
property:
Commercial office
exit:
Refinance
Commercial Bridging
The funding supported the acquisition of a strategically located semi-commercial asset in Birmingham, giving the borrower the flexibility and speed required to purchase the property prior to setting up development finance to undertake the proposed conversion works. The borrower plans to transform a former office building into a high-quality residential block of flats comprising 75 apartments, including 42 x 1-bedroom and 33 x 2-bedroom units. Full planning permission has already been obtained before completion, enabling the borrower to move forward with the next phase of the project.
