Christie Finance secures £1.2m development facility for Summerhayes Care Home expansion

Our clients, who have operated Summerhayes Care Home in Sandford, Crediton for over 15 years, have consistently maintained full occupancy, reflecting the home’s outstanding reputation and strong demand for quality care in the region. With the business at capacity, our clients sought to extend the property by five bedrooms to meet growing local need.

Christie Finance was required to source a bespoke funding solution that would allow the extension works to proceed without disrupting existing operations. The challenge was to secure a facility based on the turnkey value of the completed development, rather than the current trading value, a significant hurdle given the developer risk associated with ongoing operations.

Despite these complexities, Christie Finance successfully sourced a £1.2 million facility over a 12-month term. The funding package refinanced our clients’ existing facility and provided 100% of the development costs, delivered on a tranche basis. Notably, the lender was able to monitor the progress of the development internally, removing the need for an independent monitoring surveyor and streamlining the process for the client.

The facility was completed within just three weeks of initial enquiry, with the first tranche released a week before Christmas. This timely completion allowed the builders to remain on site and recommence work in the first week of the new year, ensuring the project remained on schedule.

Upon completion, the additional bedrooms are expected to be occupied rapidly, further strengthening the care home’s position in the local market and supporting the owners’ commitment to exceptional care.

Ram from Christie Finance commented, “We are proud to have supported our clients in their growth journey. This transaction demonstrates our ability to deliver creative funding solutions for care operators, even in complex scenarios. By working closely with both the client and lender, we ensured a seamless process and a facility tailored to the unique needs of the business.”

Get in touch with our broker today:

Ram Kakar
Head of Real Estate
E: ram.kakar@christiefinance.com
T: +44 7764 241 349