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You are here: Home / Commercial Finance / Financing A Residential Home or Nursing Home Purchase – when your bank has refused

by Payam Azadi

Financing A Residential Home or Nursing Home Purchase – when your bank has refused

Property Development FinanceLondon Mortgage BrokerNeed finance for a Care Home purchase or commercial development of one and been turned down or told to wait for 6 months for it?

Major Banks often take six months to a year  to make up their minds on commercial projects.  If you don’t have that amount of time to buy or redevelop your Nursing Home we can help but you will need to know what your doing and have the funds and a business plan to support your goal.

The demographics suggest that more and more people in the UK will be reliant on residential nursing home care and therefore purchasing a nursing home can be a very lucrative investment.

Depending on the size of the nursing home and your resources you may require finance to support the property purchase and for conversion to the required standard and that’s where our expertise comes in.

It could be your intention to run the nursing home or indeed simply let it to an established organisation.  If you plan to run the practice then prior experience as either an employed manager or owner is likely to be essential.

Most nursing home lenders will require a 25% to 35% deposit for a straight purchase but we also have other lenders at our disposal that could look at other assets for security and therefore the deposit might not need to be as much.

A well run nursing home will offer regular and sustainable income. As this is spread across multiple patients the risk of complete voids are limited and depending on your terms you could collect the rent weekly to help your cash-flow.

I speak to many landlords who originally started off with a plain buy to let and have progressed through houses in multiple occupancy (HMOs) to the residential care arena as they look to maximise the income.

We have also financed a number of Care Home conversion projects where the funds were used for the place to be converted into self-contained flats.

For more information on financing a Nursing Home Purchase please contact 020 7993 2044 or alternatively complete the enquiry form on this page.

Payam Azadi

Author: Payam Azadi

Payam Azadi is a partner at Niche Advice who are whole of the market Independent Finance Brokers In London. His role is very much focused on Property financing both on residential and commercial lines.

You can call Payam on 020 7993 2044 or alternatively complete the enquiry form so he can personally get in touch with you.

Niche Advice is not tied to any bank, building society, estate agent or insurer and offers Independent Mortgage and Insurance advice.

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Filed Under: Commercial Finance Tagged With: Buying a Nursing Home, Care Home Finance, Care Home loans, Care Home mortgage, commercial developments finance, funding a Nursing Home, loan to buy a Nursing Home, Mortgage for Nursing Home, non standard commercial development finance, nursing home care finance, Nursing Home conversion, Nursing Home finance options, Nursing Home financing, Nursing Home Purchase, Nursing Home refinance

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AS A MORTGAGE IS SECURED AGAINST YOUR HOME OR PROPERTY, IT COULD BE REPOSSESSED IF YOU DO NOT KEEP UP THE MORTGAGE REPAYMENTS. If you are thinking of consolidating existing borrowing you should be aware that you may be extending the terms of the debt and increasing the total amount you repay.

Niche Advice Limited is a Credit Broker and does not lend money directly to clients. Niche Advice Limited is authorised and regulated by the Financial Conduct Authority. FCA Number: 750263.

Commercial Buy-to-Let and commercial mortgages are not regulated by the Financial Conduct Authority.

If you wish to register a complaint, please write to us on the details below or call 020 7993 2044.

Correspondence Address: Niche, Unit F6, The Addington Business Centre, Vulcan Way, New Addington, Surrey CR0 9UG.
A summary of our internal complaints handling procedures for the reasonable and prompt handling of complaints is available on request and if you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service at www.financial-ombudsman.org.uk or by contacting them on 0800 023 4 567.
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