OakNorth Bank has completed a £4.4 million Coronavirus Business Interruption Loan Scheme (CBILS) loan to complete the development of Beulah Vista Caring Home in London.
OakNorth Bank says that the number of care home beds per 100 people over the age of 85 has fallen from 33.7 to 28.7 since 2010 and thus in need of more development
Rakesh Wadhwa, Owner of Beulah Vista Caring Home, said the capital from OakNorth Bank will provide them with enough liquidity to complete construction. He said the OakNorth Bank team moved quickly and demonstrated in-depth knowledge of the sector throughout the process.
Sammy Bajaj, Associate at OakNorth Bank, stated:
“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.”