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17 November 2016 | Care Mortgages

First-time buyers secure funding for St Mary's Care Home

Christie Finance, the specialist commercial mortgage broker, has recently assisted a Husband & Wife team with raising finance to purchase St Mary’s Residential Care Home in New Buckenham, Norwich.

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Registered for 29 residents the Care Home is set in a Georgian Grade II Listed Building and has been established since 1974. The previous owner was looking to sell the business to concentrate on other commitments and instructed Christie & Co to handle the process.

Our clients, Mr Siva Rajendra & Mrs Shanthi Sivadasan, were looking for their first care home. Initially starting their search in 2015. Although the clients had limited experience in day-to-day running of a care home, they are well versed in the sector.

Chris Field, Director at Christie Finance, guided and supported Siva and Shanthi to find the best funding to start their ownership off on the right foot. The process wasn’t straightforward, being new entrants to the sector, but due to their newly sector knowledge and business acumen, a lender was impressed with them and soon offered a facility to assist with the purchase. Siva and Shanthi have some refurbishment proposals for the business and are already working hard to maximise its full potential. 

Chris commented: “I am delighted to have aided our clients to secure St Mary’s and help them achieve their dream of running their own care home. This transaction demonstrated that, with the right guidance, competitive funding is out there for first-time buyers.”

New owner, Siva said, “This was our first care home and we sought the assistance of Christie Finance in securing the funding and we have nothing but praise for the way the whole process was handled.

“Chris Field has not only helped us secure the funding but has also been a great advisor and provided us with invaluable support and guidance. Chris has been great in every way!”