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£1.2M Development Funding for Supported Living Scheme!

Are you looking for development funding for a supported living scheme? Key are very happy to share with you our below recent deal.

  • Client had developed a property to create high quality units specially designed for assisted living residents.
  • Development funding needed to be re-financed over a longer term which was essential to meet with the terms of the development funder and align repayments with the forecasted income stream.
  • The mainstream lenders were unable to assist as the client had limited experience in the above sector, and had formed a new trading company to operate the venture so the proposal was forecast led.
  • Specialist property lenders had limited appetite for assisted living schemes.

So how did Key assist? 

  • Key approached their contacts in the ‘charitable sector’ and a loan was approved for £1.2M, which was sufficient to re-pay the development funder and also provide additional funds to help repatriate cash injected by the client.
  • The loan was secured by way of charges on the subject property, debenture and a supported personal guarantee.
  • The Interest rate was set at 3% (above base rate) with a 10 year commitment period, but with amortisation over 25 years.

 

If you find yourself in a similar situation which may not quite fit the criteria of your own lender contacts, then please feel free to contact Key Commercial Finance Solutions Ltd today and we will be more than happy to assist you with funding for a development scheme.

 

Phone: 0345 193 0666
Fax:

Key Commercial Finance Solutions Ltd, The Mews, Little Brunswick Street, Huddersfield, HD1 5JL
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