Exclusive: Roma funds £3.2m nursing home conversion

Exclusive: Roma funds £3.2m nursing home conversion



Roma Finance has funded the conversion of a family run nursing home into two luxury, detached houses.


The client decided to convert the nursing home once it became vacant after increasing regulation in the nursing-home sector led to the owner using their staff as domiciliary care workers. This meant that patients would be visited in their own homes by staff members.

On the initial inspection by the local-planning department, the borrower was able to get a positive pre-app that planning for the conversion would be granted. 

The borrower hit problems, though, when another major bridging lender’s decision weren’t happening quickly enough with restrictions put on the project that funds would have to be released in stages. 

However, Roma came to the client’s aid as after assessing the case and meeting the borrower face to face, the lender offered the full £500,000 in one sum and the transaction was completed inside a week.

“With such a credible and experienced borrower, who [had] already owned the property for more than 20 years, it was clear from the outset that the business plan to change the focus of their care and to free up the magnificent property to convert it to maximise its potential on the open market, was viable and achievable,” Scott Marshall, Director at Roma Finance, explained.

“Being a local businessman, the borrower knew the property market well in that area and turning a large nursing home into two separate dwellings showed a high degree of commercial acumen with clear objectives, which could yield a profit of around £1m.”

Meanwhile, the borrower added that Roma had been a pleasure to do business with.

“I have taken bridging loans out for property transactions in the past, so I’m an experienced borrower. 

“Roma Finance acted promptly and professionally throughout the whole loan process, with positive and focused contact. 

“They were very straightforward to deal with and I always knew where things were up to.”

 



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