Urgent Funding to Buy a Dilapidated Rural Residential Property to Convert into a Care Home
Our client, an established care home operator, wanted to buy a dilapidated residential property in Carnforth, Lancashire, in order to convert it into a care home.
Due to the current condition of the property, a traditional commercial mortgage was not a possibility.
The client had a tight timeframe to complete the deal or risked losing the property.
As experienced care home operators, the client was keen to secure the property, renovate it and consequently benefit from the strong income and capital appreciation the property would produce as a lucrative addition to their care home portfolio.
“Whilst the property was clearly in a state of disrepair, the client had a strong track record and a good plan for the property. Whilst planning had not yet been granted, the client demonstrated advanced communication with the local authority for conversion into a nursing home. Based on this, Lowry Capital took a common sense view and made the funds available to facilitate the purchase.”