Urgent Development Funds to Convert a Former Pub into a 21 Bed Residential Care Home
Our client, a property investor, had acquired a shutdown pub in St Helens and had subsequently gained planning permission to convert the property into a 21 Bed residential care home. The property was in a derelict condition, however, the client had a sound development plan backed up with a strong business plan and revenue projections.
The revenue to be generated from the care home was significant and the client was therefore keen to progress with the works and get the property up and running as a matter of urgency.
The client had an agreement with the council to occupy and it was vital the property was operational to meet this deadline. Therefore, funds were required quickly to pay off a private investor and release further funds to progress with the works.
The client is expected to draw down further funds over the next few months as and when needed. Lowry Capital only charge for funds drawn (not an overall facility.) By tailoring the funds in-line with the client’s schedule of works, finance costs are kept to a minimum.