Financial solutions to provide homes for vulnerable adults
Designed For Your Business
- Payments geared to your turnover
- Adverse Credit – no problem
- No Income Proof Required
- Repayment and interest-only available
Finance For Property
- Terms up to 20 years
- £50,000 – No Maximum
- Rates from 2% over base rate
- Up to 80% Loan to Value available
- Answers for all types of challenges
- Solutions tailored to your needs
- Arrangements tailored to your circumstances
- Assets, cashflow, growth capital
Most people want to live in their own home. Many vulnerable adults could live with some independence if they had a suitable home and a supportive environment. It means opportunities for those providing suitable accommodation
Housing for vulnerable adults is often either a shared home providing a ‘family’ environment or individual flats often supported by a warden.
Residents may have learning difficulties or medical or emotional problems, such as PTSD. 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.
Your funding needs
The main cost in providing accommodation for vulnerable adults is that of finding suitable premises. A large residential house or flats may be ideal, and most residents will need to use public transport - making a central location ideal.
As a business, a residential mortgage will not be suitable - and in most cases, even a Buy to let mortgage will not be able to provide the funding you need, as your property will be classed as a Home In Multiple Occupation, or an HMO.
Like a conventional HMO, a home such as this can provide increased yields because it lets individual rooms, providing multiple income streams, and generates higher yields overall compared with letting to a family. However, not all lenders are keen on providing mortgages for HMOs, and even fewer will consider lending to provide an HMO for vulnerable adults.
At Rangewell, we know the specialist lenders who can offer competitive deals for landlords looking to purchase an existing HMO or home for vulnerable adults or converting an existing property.
The solution may be a Commercial Mortgage. However, these may be more costly than a conventional buy to let mortgage but can cover up to 75% loan-to-value.
Buying additional properties
You may decide to build a portfolio of homes for vulnerable adults. Once you have set up a successful business, we can help you cut the costs of acquiring additional properties.
Insurance for your supported living home
You will require insurance cover for your premises, as you would for any other property.
If you employ a support worker, even if they are part-time, you will also need to arrange Employers’ Liability Insurance.
In addition, you may require public liability insurance - to deal with claims made by clients and their families for injury or damage. In some cases, you may also need Professional Indemnity insurance to protect your business if your staff made decisions that resulted in loss, damage or harm to tenants, and medical malpractice cover to cover claims against staff failing to deliver the necessary standards of care.
We can find funding which will help you deal with the cost of insurance premiums.
REAL EXAMPLES OF WHAT WE CAN DO
Provide funding for to buy a large house and convert it into a supported living facility
Find the most competitive loan to convert run down property to modern standards
Source a Commercial Mortgage to allow an existing supported living business to buy additional premises
Help a arrange ‘Jigsaw’ Funding for two partners to buy an established care home
How we help you capitalise your care home business
The property market is highly competitive, and it is important to have expert help to get the funding that is most appropriate for your circumstances to keep your costs under control.
At Rangewell, we can use our substantial expertise in property finance to support your business - and ensure that you have the financial solutions you need. We can help source business lenders who can provide specialised funding - and search their offering to find you the lowest mortgage rates. By doing things this way, you get to keep as much of the rent received as possible, helping you make more profit in the long-term.
Of course, simply buying a property may not be the end of your funding requirements with a supported living home. You may need to undertake building work, add fire escapes and fire doors, which may require Refurbishment Finance.
You might also need help with cash flow while you set up your business and find tenants.
At Rangewell, we aim to provide an individual approach and the solutions you need - whatever they are. We use our expertise to find the most competitive deal for all types of finance, including Unsecured and Secured Loans. As well as the more traditional loan products, we can also help you to find and arrange Alternative Funding, using newer loan providers and innovative funding solutions.
We can also provide solutions if you have a less than perfect credit history or if your business runs into problems.
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.
Call us now to get our care home funding experts working for you.
Helping you build your profits
Lending tailored to your plansAt Rangewell we can help you find the most appropriate finance for any funding need your business presents.
Work with experts who understand your finance needsAt Rangewell, our team includes experts in both medical and property finance.
Funding based on existing propertyAt Rangewell, we can help you remortgage an HMO you already own, which can provide the cash you need for buying additional property.
Reducing riskSome funding can present a risk to your business - we can minimise risk - with solutions like Asset Funding, secured purely by the assets you are financing.
High loan to valueWe can find mortgages with up to 75% LTV, making it easier for you to buy the property you want.
Maximise your profitsWe can help you find the most competitive funding for your individual needs and those of your care home business, ensuring that you can maximise your return on the investment you put in.
Download Rangewell’s free and detailed guide to Finance for your Care Home
What types of finance are available to Care Homes and business providing residential care?
What is Asset Finance - and how it gives you a business advantage
Can finance help me increase the number of care home places my property offers?
Why not all providers are equal - finding the one that’s right for you
How we can help you pay less than 0%
The downsides to finance - and how to avoid them
How to arrange finance - What paperwork do you need?
What type of information will I need to provide with an application (eg, company numbers, registered office details, VAT numbers, accounts)?
Are all lenders authorised and regulated by the Financial Conduct Authority?
How do I go about arranging Care Home finance?
Key terms explained
More information available in our care ecosystem for businesses in the care and support sector/care model
Getting the right funding arrangement is essentialThere are many forms of business finance available. Getting the most appropriate type for your particular needs is essential to avoid excessive costs.
Your key equipment could be at riskIf you are unable to keep up repayments on a hire purchase or lease agreement, the equipment your practice depends on could be could be at risk.
Long-term financial commitmentsYou may not be able to pull out of a finance arrangement once set up. This could present a problem if you change your business plans.
Our service is...
ImpartialTransparent and independent, treating all lenders equally, finding the best deals.
In-depthEvery type of finance for every type of business from the entire market - over 300 lenders.
In-personSpecialist Finance Experts support you every step of the way.
FreeWe make no charge of any kind when we help you find the loan you need.