DEVELOPMENT finance lender Atelier has announced the completion of a £7.6 million development loan, structured at 67% LTV, to fund a 60-bed care home in Paisley.
The loan will be structured over a 24-month term and will assist with the acquisition, conversion, and refurbishment of an existing vacant purpose-built care home.
Atelier revealed this is the firm’s fourth transaction with the borrower, a UK-wide care home operator. The development will offer residential, dementia, and nursing care to its residents, addressing a ‘critical shortage’ in the area.
Lending director Rav Kudhail said, “This loan will enable our borrower to acquire the site and provides a 6-month mobilisation period to finalise construction packages. This is Atelier’s fourth transaction with the borrower – a leading UK care home operator – providing financing to enable them to revitalise an existing care home and provide a new 60-bed care facility.”
