Mortimer Street Capital has arranged a £1.4m care home purchase in Kent with funding from two lenders, TAB and LendInvest.
The client wished to purchase a 30-bedroom care home in Margate and Mortimer Street Capital arranged for TAB to fund the acquisition bridge, while Lendinvest provided a regulated bridging facility on a residential property, which was formally the clients residence.
Both were 12-month terms with the refinance of the full care facility as the planned exit.
Due to the complex nature of this funding arrangement, plus Care Quality Commission (CQC) requirements, both deals needed to progress simultaneously and were completed two and a half months.
Hiten Ganatra (pictured), managing director at Mortimer Street Capital, said: “The complex nature of this deal needed co-ordination and understanding of the full aspects of this case between both TAB and LendInvest, who were both excellent.
“This is one of the most complex deals we have arranged since we launched at the start of this year and so I am extremely proud of the team, who were in competition with a few other firms to secure this facility for the client.”
Sophie Meller, business development manager at TAB, added: “Great to have completed our first deal with Mortimer Street Capital, who were a pleasure to work with.
“TAB completed a bridge on the purchase of a 30 bed care home in Kent.
“All parties involved worked hard to meet the deadline, and Mortimer Street Capital was so efficient in providing all the necessary documents and information on behalf of their client.
“Looking forward to the next deal!”
