New 12-month facility will be used to refinance two operational care homes near Glasgow
Blackfinch Property has completed a £2.3m refinancing loan to Scottish-based LittleInch Care Group, which owns and operates two 42-bed care homes located on the outskirts of Glasgow.
The bridging facility will be used to refinance previous lending with a high street lender, after it exited the care sector. Therefore, the Blackfinch team needed to work quickly to complete the transaction within a short timeframe.
Ian Ford, Investment Manager at Blackfinch Property, said: “Here at Blackfinch we understand the importance of providing care facilities to an ageing population, in areas where they are needed most. We saw this as an excellent opportunity to assist an experienced and highly regarded care home operator, by creating a funding solution fully tailored to meet their needs.
Ian added: “As well as providing a valuable financing solution, this loan facility will allow the operator to pursue their plans of opening a third home in future years, and we look forward to working with them on this.”
Blackfinch Property is a fully funded provider of innovative short-term bridging and development financing solutions. For more information, email [email protected].