Finance – a fine art

Posted on December 1st, by editor in Caring Times. No Comments

|There are a number of potential stumbling blocks when it comes to financing a new care home, extending existing premises or opening a new home. PAUL THOMPSON, of Acorn Commercial Finance, looks at the best ways of overcoming these issues to help get the business off the ground.| Ask anyone who has purchased a care home and they¹ll tell you that one of the major problems they faced was funding. For those going into business for the first time, finance is often the first obstacle and it can feel as though one¹s ambition will never become a reality. The bank is often the first port of call for funding, but most high street banks will only lend up to 60 per cent of the bricks and mortar value of the chosen premises, leaving customers with a significant financial shortfall at this crucial early stage. In addition, consumers forget that high street banks are not necessarily specialists in their chosen area of business. They may have arranged funding for one or two care homes, but the likelihood is that they do n

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