Development finance to convert care home to 4 flats

Area
Bournemouth
Capital Raised
£407K

The Scenario

Our clients owned and operated a 14-room care home in Bournemouth. The business was well-regarded and they had good occupancy rates, but they were frankly exhausted with the commitment of running a hands-on 24-hour operation for 20 years.

They had offers to sell the business as a going concern, and also an offer from a developer who could see the conversion value of the property. But they were ready to do the conversion work themselves and take the full profit.

The Solution

The land and building were currently worth £600K, with an outstanding mortgage of £147K.

Development costs are generally well-contained for care home conversions. High regulatory standards mean that currently operating properties are well-maintained. Construction is generally with stud walls, and extensive plumbing and electrics throughout.

Our clients’ plan was to spend £180K converting the building to four residential flats with combined GDV of £1M.

We sourced development finance for them at 9% pa and they were able to push on with their planning applications.

Mathew Phillips

Finance Broker

Bristol

0117 959 5094

Are you in a similar situation? I specialise in bridging finance at Clifton Private Finance - I will find you the best funding solution for your property transaction.

Alex Chambers

Senior Finance Broker

Bristol

0117 403 4324

Are you in a similar situation? I am a specialist in residential and investment property finance for UK and international clients at Clifton Private Finance. Please don't hesitate to get in touch for a no-cost discussion of the finance you need.

Luther Yeates

Senior Finance Broker

Bristol

0117 244 5561

Are you looking for a similar type of property finance? I have extensive experience finding residential and investment property finance for UK and international clients. Please get in touch and we can arrange a time that's convenient for you to discuss your situation.

Sam ONeill

Senior Finance Broker

Bristol

0117 959 5094

Is your situation similar? I am a bridging finance specialist at Clifton. I can find a quick, cost-effective solution for the funding you're looking for.

Robert Gibb

Senior Finance Broker

Bristol

0117 959 5094

Are you looking for mortgage or short-term finance for residential or buy-to-let property (including HMOs)? I have extensive experience in finding property finance solutions for UK and international clients, both as individuals and limited companies. Please give me a call and let me see what I can do for you.

Adam Arnott

Associate Director

Bristol

0117 205 0214

Is your situation similar to this? I have extensive experience of advising clients who need creative property finance solutions. Please get in touch and we can arrange a time that suits you for a detailed discussion of your requirements.

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