Scottish care centres bank a better deal
Stuart Pawelczyk, Associate Director at specialist commercial mortgage broker Christie Finance, has recently helped an experienced care home operator secure a better-value finance facility for his two residential care homes, Aden House in Inverness & Newlands Care Home in Dunfermline.
Our client, Mr McKinlay, started to build his business in 1996 with the purchase of his first care home. This was later sold and he subsequently acquired Aden House in 2000, followed by Newlands Care Home, with his business partners, in 2013.
Using a high street bank to support the purchase of these businesses, the client was growing increasingly unhappy with the service provided and the uncompetitive terms being offered.
Having a ‘Whole of the Market’ view of the current funding environment, Stuart approached Mr McKinlay to help him find a supportive lender that could deliver more competitive terms on his current borrowing, whilst also releasing equity to assist with another business venture.
Stuart swiftly assessed the client’s portfolio in detail, and as a result, he was then able to demonstrate the strengths of our client proposal to a wide panel of lenders, who were keen to offer Mr McKinlay the right funding package.
Commenting on the deal, Stuart said, “Even though the sector has received some negative press in recent times, a number of lenders are very keen to support care operators and competitive financing terms can be sourced. As an experienced care broker, we know the individual characteristics of lenders and can match clients to a funder that is best suited to offer support.
“I was delighted to have helped Mr McKinlay and his partners at Newlands Care Home to refinance their facilities to a lender that has them and their businesses best interests at heart and most importantly saving money in the long-run.”