The lender initially provided the care home developer with the facility in 2014 and has extended this by three years and increased the amount available to £40m.
Since signing the original facility in December 2014, Fortwell has funded the acquisition and construction of 17 care homes across the UK, providing over 1,000 beds with a total value of around £150m.
As well as extending and increasing the facility, the amended loan allows LNT to undertake larger projects and will give the developer more flexibility to expand its core care home development activity to more regions.
The renewed facility is for a further four-and-a-half years and allows LNT to continue to improve its core care home offering and develop a single care home up to £15m in value.
“We anticipate this renewed facility will allow LNT to develop an estimated 1,500 care home beds with a total GDV in excess of £200m over the next three to four years,” said Arthur Jennings, head of real estate finance at Fortwell Capital.
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“There continues to be a notable shortage of new purpose-built care homes in the UK and Fortwell is proud to be supporting the provision of quality accommodation in this area and backing a best-in-class team at LNT.”
Matt Lowe, CEO at LNT Group, said that the support of Fortwell Capital had been instrumental in the development of its care homes over recent years.
“The team at Fortwell fully understands our business – [its] unique experience and understanding allows [it] to adopt a very flexible approach to align with the specific circumstances each individual care home development faces.
“Extending this significant source of capital will give us even more options for developing the portfolio over coming years, and in doing so meet the needs of current and future residents.”
Dan Smith, executive director at Fortwell, added: “The loan to LNT continues our strong start to 2018 with £64m of lending now completed in January, transactions which underline our continued focus of supporting and funding developers on larger and more complex real estate opportunities across a broad range of sectors.”