£2.7m deal allows care home to build for the future
Ifield Park Care Home
Crawley, West Sussex
How did the deal come about?
Management and corporate finance experts EMC recently introduced a case to us for Ifield Park Care Home. A not-for-profit nursing and day centre on the western edge of Crawley, Ifield Park has an excellent local reputation and, since 2006, has consistently achieved the highest Care Quality Commission (CQC) ratings.
What was the case?
Ifield Park Care Home was looking for £2.7m to finance a new building, giving it 18 additional rooms.
How did it work?
Local Relationship Director Steve Goss took on the case and met with Barclays head of healthcare in the South East. Because the home is a charity and operates on a not-for-profit basis, it doesn’t maximise fees, meaning serviceability could have been questionable. However, after several meetings and discussions with the credit team, we were able to sanction the case. Building work is now due to commence and the charity is really pleased it can continue to support the local community and dementia sufferers.
What made it notable?
“The financial structure that we have agreed with Barclays and the relationship that has already developed with their specialist healthcare team is definitely going to help us through the two-year build programme and beyond,” said Ifield Park Chief Executive, Jo Stovold.
More successful cases
Client: Mr and Mrs Sharda, owners of a pharmacy, wanted to refinance their existing borrowing to purchase another pharmacy.
Result: Longstanding broker Haren Shah introduced his clients, Mr and Mrs Sharda, to Barclays Business Manager Mani Patel. The clients already owned one pharmacy and were looking both to expand their business and refinance their existing lending. After several meetings with the client, we were able to meet the customer’s requirements to win the business. The commercial mortgage for £997,000 was agreed and has now been drawn down, bringing with it the full trading business from a competitor high street bank.
£350,000 commercial mortgage facility
Client: Les Liney Autos & Vehicle Hire Ltd. Owner Les Liney was looking to move from his current leasehold premises and buy a freehold location in order to expand his business. Having found the ideal premises, Les needed to move quickly to secure them
Result: The vendor had agreed to sell the property on the basis that Les could complete within five weeks. Ian Leader from SPF Private Clients knew we would be able to support this client’s requirements and act swiftly to ensure the completion date was achieved. Following support from one of our senior business managers, the customer was able to secure a commercial mortgage facility for £350,000, allowing him to complete the purchase within the five-week deadline.
Client: Mark Flower, a recently signed-up broker who joined our panel at the end of last year, had a client who wanted to relocate her horse breeding business. She was looking for finance to buy a small farm to use as the new premises
Result: Mark knew that Barclays had specialist agricultural managers and so made contact to see whether we would be able to support his client’s requirements. The initial information looked promising and after further research – including checking out the breeding lines – we were keen to take the deal forward. The agricultural manager met the customer and, after successful negotiations, was able to offer a £750,000 agricultural mortgage that the client used to purchase the farm.
£350,000 mortgage and VAT facility
Client: Studio Diva, a creative design agency in Bristol, had its offer accepted to purchase a long leasehold on its business premises. It needed a commercial mortgage and VAT facility to complete the purchase and was required to move quite quickly
Result: The client first went to its existing high street bank – with whom it had a fairly longstanding relationship – but was unimpressed by its lack of engagement and willingness to support the request. So instead the client enlisted the help of broker Mark Watson, who made contact with Barclays Business Manager Howard Foley. Howard arranged to meet up with the client immediately and was able to obtain a successful credit sanction for a £350,000 commercial mortgage and a VAT facility to support the purchase. Funds were made available within five weeks to ensure the completion on the premises happened on time.