Financing Care Homes for Vulnerable Adults

There are several different ways to provide care services to vulnerable adults. From community care programmes through to residential homes and specialist services, all of these businesses will require financial backing to deliver the best possible care. 

As a healthcare business, you will need to meet certain criteria and ensure CQC compliance, you may also undergo financial assessments and put staff through rigorous training. All of these factors mean that running a care home or agency for vulnerable adults can be an expensive, but rewarding venture. 

If you run a business like this or you're considering starting a new venture, then you will need a finance partner that understands your needs. At Rangewell, we work with care providers of all sizes to find and secure the finance they need to meet industry expectations and achieve their goals. 

Start your care home finance application today by getting in touch with Rangewell's team of expert finance advisors. Alternatively, keep reading to learn more about how to get funding for your care business. 

CQC requirements for care providers

Housing and support services for vulnerable adults are vital, but it takes a special kind of business person to deliver these services in a compassionate and compliant way. 

A care home for vulnerable adults is often either a shared home providing a ‘family’ environment or individual flats often supported by a warden. Residents may have disabilities or mental health problems. In most cases, they will have their rent paid for by the local authority. The staffing is dependent on the needs of the people who live there and could be 24 hours a day or a few hours a week.

Running a supported housing home can be less demanding than operating a residential home, but will present additional responsibilities compared with being a conventional landlord. You may require approval by:

• The Care Quality Commission (CQC) in England
• The Care Inspectorate in Scotland
• The CSSIW in Wales

At Rangewell, we work with many types of businesses, including those providing accommodation for vulnerable adults. We have practical experience of the financial challenges you will face and the solutions to them, so we're well-placed to help you find funding to grow your business.

Your funding needs

If you plan to provide accommodation for vulnerable people, then you will need suitable premises. . A large residential house or flats may be ideal, especially as most residents will likely use public transport to get around. 

Depending on the setup of your business, you may need a care home mortgage or a different type of commercial mortgage. Determining the kind of finance you can access, and finding the best deal available to you, is one of the most complex parts of starting and growing a business. Thankfully, Rangewell is by your side throughout the process. 

At Rangewell, we know the specialist lenders offering competitive deals for landlords looking to purchase a home for vulnerable adults or convert an existing property. Your property may be the most expensive investment, but it's not the only part of your business that requires significant investment. 

You may also require equipment or asset finance if your residents have specialist needs. In addition, you will have to pay your staff and also meet regular tax demands, so managing your cash flow should be a priority from the outset. Whatever your financial challenges, Rangewell can help.

Our team is independent of the lenders, with access to the whole of market, so we can help you to find the best funding option for your business - both now and in the future.

Growing your care business

If you already have an established business providing care for adults, you may be ready to take the next step. Whether that's opening another premises or hiring a new team of care managers, you will need the right finance to meet your needs.

As an established business, you may already have finance solutions in place. So, it's important to take a step back and reassess your current position before taking out new finance, there may even be an opportunity to refinance and consolidate debt, or access better loan terms now that you have another year of financial accounts. 

Whatever your plans, you'll need a finance partner who understands your challenges. Apply for business finance with Rangewell today, or speak to our team to find out more about how we can help you with your existing arrangements. 

Financing your care business with Rangewell

It's not easy to get started in the care industry. You'll need a strong team of care professionals able to provide specialist services to vulnerable adults in the community. You may also need equipment, such as computers, televisions and specialist healthcare assets, to make sure the facility meets your residents' or clients' needs.

At Rangewell, we can use our substantial expertise to find finance for your business, including mortgages, asset finance, tax loans and refinancing packages. We work with a number of finance providers, including traditional and online lenders, to get the best funding solutions for businesses like yours. 

Whether your plans need a simple quick solution, or a much more complicated Jigsaw Funding plan made up of a combination of lending products, we can work with you to find the answers.

From finance for elderly care homes to funding for children's care homes - and every type of care business in between - call us now to get our care home funding experts working for you.