Case Study

Supporting Owner of 60-Bed Care Home to Change Finance Lenders

When it comes to changing care home finance lender, choose Rangewell to help you find the best solution you

Running a care home can be a very profitable venture, in fact, the care sector is worth approximately £16 billion a year. However, with slim profit margins and high industry standards to maintain, some care home owners find themselves no longer qualifying for finance with their current lenders. 

With over 18% of the UK population aged 65 and above, it’s safe to say that the growing demand for care facilities is only going to increase. Some areas have more need than others, with seaside spots like Blackpool, Bournemouth and Southend boasting the oldest populations. So, if you have the expertise, investment and caring attitude needed to run a care home, you will most likely succeed.

However, for one Rangewell client, a change in circumstances meant that the lender was unable to continue providing finance to the care home. In some cases, the lender will emit early signals to say that it won't be renewing the finance, and that's where Rangewell can help find a better care home finance product for the client.

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Why was there a problem? 

This client approached us with a 60-bed care home that they purchased in 2020. At the time of acquisition, the care home was rundown with low occupancy rates and a poor CQC score. The client identified this facility as a potential for growth following investment and a strong business plan. 

When the client purchased the care home, they secured a bridge loan to support the transformation. However, a year later the circumstances changed significantly and, therefore, it was time to move to a new finance product. 

Why we were able to help

The client approached Rangewell to help them find a new lender that would accept the significant yet short term improvements and provide term finance in place of the current bridge loan.

In this case, it was crucial that we put forth a detailed application that highlighted the experience of the client, as well as the significant impact they have made on the facility in such a short space of time. This way, we are able to reassure the lenders that this is a good finance opportunity and the client working towards improving the care home even further. 

About care home finance

Whether you are buying a care home or refinancing an existing facility, it’s important to have industry experts on your side to ensure you get the best possible deal - that’s where Rangewell comes in. 

We have a team of dedicated professionals who work alongside our clients to determine their budget, plans and, ultimately, what their goals are for the care home project. We know that lenders are more likely to lend to established businesses, especially when they have a positive reputation in the space and a track record of profitability. However, in cases like the above, a lender may decide that it is no longer beneficial for them to continue to finance a care home. Reasons may include poor CQC score and low occupancy rates, both of which could lead to losses for the company.

That’s not to say any care home group struggling to renew finance won’t be able to secure funding from another provider. At Rangewell, our team of experts work closely with both clients and lenders to find the perfect match. We have a number of specialist care home lenders on our roster, some of which are willing to provide finance to care homes that are unable to secure the funds from their current lenders. 

As with any finance application, success lies in the application and knowing what the lender is looking for. Our team will work with you to assemble a fully comprehensive application that covers your circumstances as well as your plans for the future, so you can get the finance you need to succeed.

Care home finance with Rangewell

If you run a care home or a group of care homes, then you may be familiar with the finance process. In cases where the current lender is unable to maintain current rates, or can’t continue to provide finance at all, it’s time to speak to the friendly team at Rangewell to discuss your next steps. When it comes to moving care home finance providers, sooner is better, as you may need to submit a detailed application covering your business plan. Don’t struggle through it alone, access the whole market of lenders, including those who specialise in care home finance with Rangewell. Get in touch today. 

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