Christie Finance Real Estate successfully refinances a care home in Devon

The property comprises a well-established residential care home registered for up to 14 service users. The facility is housed in a two-storey building, with approved planning consent in place to add a single-storey extension. Additional site features include a detached manager’s office, a timber visitor pod, a timber store, and parking for approximately seven vehicles.

Andy and Charlie Mason, who have operated the care home for over 15 years, approached Christie Finance to secure a development facility that would enable expansion of the care home while maintaining uninterrupted care services. The requirement was complex as funding needed to be secured based on the projected value of the completed development, rather than the current value, due to the nature of the business operating at full occupancy. This presented a significant challenge due to the inherent developer risk and the necessity to ensure continued operational delivery.

Christie Finance successfully arranged a £1.2 million facility over a 12-month term. The facility refinanced the existing liability and provided 100% of the development costs, released in tranches. Significantly, the funding was secured without the appointment of an independent monitoring surveyor, an uncommon but highly efficient solution, relying instead on the lender’s internal team to oversee construction progress. 

Contact the broker:

Ram Kakar
Director - Head of Real Estate
M: +44 (0) 7764 241 349
E: ram.kakar@christiefinance.com