Loan provided for multi-unit assisted living property
Chordis Capital was approached to assist a business client who has just completed the development of a multi-unit assisted living property which consists of 5 self-contained bedroom suites and shared living space. The development has been funded by a private investor and they are seeking to bridge the gap between the investor and a term loan provider.
They have just signed their first two tenants but require the property to be fully occupied before term funding can be completed.
The property is owned by the director’s property company with the trading company have a lease agreement.
As the property could also be utilised as a standard HMO under its agreed planning consents, credit-backed terms were issued within 24 hours for a 70% loan over a 12-month term giving the client time to fully tenant the property and complete their term funding.