The 19-month loan — agreed at 55.6% LTGDV — is secured via a first charge against two sites with full planning permission for a total of 160 beds.

The loan will fund the delivery of the first 80 beds.

The case was introduced by Voltaire Financial, and was underwritten by Faith Ndebele, underwriter at TAB.

According to Nick Russel, sales director at TAB, the deal included several challenges, including the need to negotiate a collaboration agreement with the other third parties involved.

As the site sits within an area of three land plots with planning, the associated lender of the third plot had to agree to a collaboration for the construction of the borrower's care home.

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Commenting on the deal, Nick said: “This was a complicated loan providing construction funding for a care home — not a typical fit for our criteria.

“The borrower owns a limited company within an offshore trust, and although the ownership structure made the deal complex, we were reassured by the borrower's track record of successfully completing similar projects.”

James Thomlinson, co-founder at Voltaire Financial, added: “This is the first loan we have completed with TAB.

“My team and I were impressed with its sensible approach — especially considering this is the first care home development the lender has funded.

“We look forward to working with the company again to support this customer and others in the future.”