Challenger bank OakNorth Bank has completed a ?4.4m Coronavirus Business Interruption Loan Scheme (CBILS) loan to complete the development of a care home.
The project is led by the team of Chestnut Lodge in Tonbridge and the loan will fund the completion of Beulah Vista Caring Home, a 60-bed purpose-built care home in Upper Norwood, London.
?This capital from OakNorth Bank will provide us with enough liquidity to complete construction, including a luxurious fit out of fixtures, furniture and equipment something which had been otherwise delayed due to the pandemic,” said Rakesh Wadhwa, owner of Beulah Vista Caring Home.
“It been a pleasure working with the OakNorth Bank team they moved quickly and demonstrated in-depth knowledge of the sector throughout the process.p>
Sammy Bajaj, associate at OakNorth Bank, added, ?The fallout of the Covid-19 pandemic has marred the care home sector. Over the past year, small independent care homes have been significantly impacted, as most care home operators and owners lacked the liquidity, infrastructure and scale to cope with the virus. We are therefore pleased to support the final stages of this development and bring a new care home to market.
“Rakesh and his team have a strong track record in this space, having successfully operated another care home for the last eight years which is experiencing high occupancy and has a good CQC rating.p>
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