Key facts:
- Care home with nursing
- 23 bedrooms
- Total development cost: £5,000,000+ (including land acquisition)
- Loan amount: £3,400,000
- Interest rate: 3.4% over BoE base rate
Commercial finance for a rehabilitation facility.
This case involves a purpose-built, specialist care facility completed in 2017 over three storeys on a 0.5-acre site. The development includes 20.3m² of communal space per resident, to include a café, hydrotherapy pool, gymnasium and multiple activities.
STEPS was founded to address the requirement for a dedicated residential and day rehabilitation facility for neurological conditions, stroke, spinal cord injuries, acquired brain injuries, orthopaedic and other complex trauma injuries.
With a specific focus on rehabilitation services (as opposed to long term care), STEPS targets a client base across the UK, responding to national demand for both the quality of the facilities and the specialised services which it offers.
Enness contacted STEPS after they put an appeal on LinkedIn to say that their development had finished some time ago and they hadn’t been able to refinance to a term loan. Their current lender was charging them 12% p.a. interest that they were having to service.
Enness arranged for a bank that specialises in helping businesses that provide social benefit to refinance the £3,400,000 loan at 3.4% over BoE base rate.
Both bank and client are looking to widen their relationship moving forward.
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