Refinance of Ipswich care home allows owner to pursue expansion plans
Care operator, Mohammed Maqsud Khan, has worked with Christie Finance to successfully refinance Westerfield House, his well-established care home in Ipswich.
Since acquiring the property in 2011, the now Westerfield House has been painstakingly and sympathetically developed by Mohammed (known as “Mac”) and his team to become an impressive care facility which provides residential care and assisted living services to its local community.
The property originally operated as a hotel set in over nine acres of land. After receiving planning permission, Mac converted the site into a 75-bed care home, with Westerfield House opening its doors to residents in 2016. Each private bedroom is equipped with a modern, en suite wet room, making it one of the best quality homes in the area.
Mac, a qualified Accountant, Care Operator, and highly experienced Developer, recently approached Christie Finance to assist with the refinancing of his current debt facilities to enable him to pursue his longer-term plans of creating a ‘Care Village’, of which Westerfield Care Home will form the central hub. It is Mac’s intention to utilise the vast space surrounding the care home to provide 147 self-contained apartments for assisted living.
The ‘Village’ will be designed to offer an individual or couple the opportunity to live independently in a fully secure, specialist care complex. Residents will have access to a range of services such as a hair salon, gym, pharmacy, and a physiotherapy centre on site.
Mac comments “I must say thank you very much to Jimmy Johns for his vision and belief in Westerfield House and his assistance in helping us get to the next level. I will be pushing on with the development and get phase two up and running, which I am sure will open doors to potential new funding. It is a great achievement and thank you very much, Jimmy and Christie Finance.”
Jimmy Johns, Director at Christie Finance who sourced funding for Mac, comments, “Getting this deal agreed for Mac, especially through the Coronavirus Business Interruption Scheme (CBILS), has enabled him to expand this well-established and truly fantastic home, giving him an even better foundation for his future plans at Westerfield House Care Home and Village. We had to work collaboratively with the lender to overcome all the potential issues that arose with this kind of development. It was not an easy process at points, but it most definitely concluded with the best possible outcome.”
For more information on this deal, contact:
Anna Moore, Associate Director - Marketing
T: or E: firstname.lastname@example.org
Contact the broker:
Jimmy Johns, Associate Director
T: 07711 767 593 or E: email@example.com