Commercial mortgages for nursing and care homes
Nursing homes are expensive to run and there is a great deal of competition securing the appropiate premises.
How raising a commercial mortgage for nursing and care homes differs from other properties
The nursing home sector is strictly regulated, and there are minimum standards that have to be adhered to. I was for this reason many lenders will not touch this sector. Clients usually purchase an existing nursing home that meets with all the regulations and stanadards, a proposal of this nature is more favorable for lenders.
Usual requirements are
Trading history and full financial projections for new ventures
Deposit available
Location
If you have an adverse credit history
Think carefully before securing other debts against your home.
Your home may be repossessed if you do not keep up repayments on your mortgage.
The overall cost for comparison is 7.1% APR. The actual rate available will depend upon your circumstances. Ask for a personalised illustration. There may be a fee for the mortgage advice. The precise amount will depend on your circumstances, but we estimate it will be 1.5% of the loan amount with a minimum fee of £500 added on to the loan.
Mayfair Consulting Limited is an Appointed Representative of The Mortgage Times Group Limited, 279 Tottenham Court Road, London , W1T 7RJ , which is authorised and regulated by the Financial Services Authority no. 303007.
