Helping 'Young Futures' open new care home for vulnerable young women
Young Futures needed help sourcing funding to complete their new supported living home for vulnerable young women in the care of local authorities in Battersea, London. Specialist commercial broker, Christie Finance, was eager to help utilising their specialist knowledge to source the right funding to help open this much needed facility.
Started in 2006, Young Futures is a community interest company with the goal of supporting young women as they leave local authority care. Working with local authorities in London and the Midlands, Young Futures provides secure accommodation and also teaches practical skills such as budgeting, sustaining a tenancy and navigating the health service, education system and the world of work.
Yvonne House is a new development offering studio flats for young female care leavers providing a secure place to stay, alongside training and counselling rooms to develop life & living skills.
Building started in December 2014 supported by Department of Health funding alongside a short-term loan. During the initial phase of construction there was a funding shortfall, which was further compounded with overspend in other areas which included obtaining change of use for the plot of land and in securing a suitable long-term lease.
The unique nature of the deal had many challenges with Chris Field, Director at Christie Finance, overcoming initial lender hesitation to secure the most competitive funding from a number of lenders to help finish the build. Chris also introduced a number of experienced parties to the team to ensure that this complex transaction didn’t go off course.
Chris commented on the project, “Even though the deal throw up many challenges along the way, we were privileged to help such a noble enterprise as Young Futures, to find the right funding to complete the development of Yvonne House and allow it to deliver a much needed service to the local community. It has been a pleasure to work closely with Osman Jama, whose passion and dedication to his work is absolutely inspiring.”
Chief Executive of Young Futures, Osman Jama said, “When we look back at the support, guidance and critical funding we secured through Chris... he believed in our work and what we were trying to achieve. He shaped our pitch to commercial banks and in doing so, he inadvertently sharpened our strategic plan, management accounting practices and financial governance. He then secured bridging finance to enable the release of grant and loan funding from the Department of Health and kick start the build.”
“Yvonne House opened in July 2016 and was fully occupied within six weeks. The building and setting are stunning and it’s hard to believe that it’s the first specially built therapeutic residential unit in central London for female care leavers. We are off to great start and feel indebted to Chris, who helped make it all possible. The whole experience felt like we were flying first class.”