Care Home Commercial Mortgages
The care sector continues to grow, and care homes are a common enquiry where businesses are looking to invest in a company purchase, or renovate an existing healthcare facility.
Fortunately, there are multiple options for commercial financing within this sector, and we have detailed some of the essential information here.
If you are seeking care home mortgaging and want to ensure you have the best options available on the market, contact mortgage brokers on 0330 304 3040 or email the team at [email protected].
What is the Best Way to get a Commercial Care Home Mortgage?
As the population ages and the social care sector expands, the number of lenders offering specific mortgages for care homes continues to grow.
One of the biggest positives is being able to demonstrate two or three years of experience, which shows a positive track record.
Where an investor wishes to purchase a care home, but won't be involved in the day to day running, lenders will usually request a breakdown of the qualifications and experiences of the management team, with accreditation or certification such as an NVQ 4 being a minimum.
The other crucial factors in care home mortgaging include:
- Care Quality Commission reports reflecting the rating of the business, where an existing care home facility is being purchased.
- Information about occupancy rates and ongoing profitability.
Similarly to many other sectors, having experience is an essential requirement, which demonstrates that you know what you are doing, and are likely to run a profitable business which will be able to keep up with mortgage payments.
