Christie Finance secures deal for first time buyers
Specialist commercial mortgage broker Christie Finance has secured funding for a pair of first time buyers to acquire the Beeches care home in Stoke-on-Trent.
Ed and Julie Munslow had both gained considerable experience in the care sector but had never owned a care home for themselves. Ed was a consultant running a group of eight care homes, while Julie was a former care manager.
The couple had the experience but lacked the funding required to purchase the Beeches, which has space for 26 residents, and only had the equity in their home to offer as security.
They had also previously missed out on acquiring their first care home when a rival bidder had been faster in obtaining the funding required.
Despite the Munslows’ experience and the good business opportunity that the Beeches presented, the couple would need at least a Loans-To-Value (LTV) ration of 85% in order to complete the deal. With lending conditions getting stricter this was the very maximum that any lender would