Blackfinch Property has provided an £8.8m bridging loan to support a purpose built 70-bed care home and seven supported living apartments in Blackburn, Lancashire. The loan will allow the borrower to build up occupancy, enabling them to refinance onto a long-term commercial mortgage.
This development comes at a critical time for the UK care sector, with a projected shortfall of 48,000 care home beds by 2030. The Blackburn facility will provide much needed capacity for high quality elderly care in the region.
The care home is modern and energy efficient, with an EPC B rating that positions it ahead of forthcoming regulatory requirements. Energy efficiency regulations are expected to tighten, mandating a minimum EPC Grade B by 2030, which could require significant investment or replacement of nearly 70% of existing care home stock.
This property is future proofed, ensuring compliance with these evolving standards while promoting sustainable practices with electric vehicle charging points and bicycle racks on site. Backed by retail investor capital, this demonstrates the Blackfinch Property commitment to a diverse loan book of borrowers, spanning multiple sectors, securing long-term positive outcomes for communities to thrive.
The bridging loan will allow the borrower to build up occupancy and trading performance, positioning them for a refinance onto a long-term commercial mortgage. Blackfinch Property previously funded the development of this project and continues to support the borrower through its next phase of growth.
Jason Wong, Assistant Investment Manager at Blackfinch Property, commented, “We are proud to continue our relationship with Zephyr X as they deliver much needed care solutions in Blackburn. This facility addresses an urgent demand for modern, sustainable care homes while also delivering significant benefits to the local community. By supporting developers through every stage of their project lifecycle, we’re helping to ensure that essential infrastructure is in place to meet the growing needs of the UK’s ageing population.”
The care home has been CQC registered, ensuring it meets the highest standards of care and quality for residents. With communal spaces and tailored facilities, the site offers a modern, comfortable and safe environment for residents requiring supported living.
