OakNorth Bank, a challenger bank that focuses on entrepreneurs, has completed a £531,000 loan to Sincere Homes, the development arm of Midway Care Group.
OakNorth focuses on supporting two main divisions. In the UK, the Fintech serves as a banking challenger that provides loans from £500,000 to £45 million to small and medium-sized businesses. On an international level, OakNorth provides licensed software to lending platforms.
Regarding this specific loan, OakNorth said the capital will be used to fund the development of a two-storey, four-bedroomed supported living home in Willenhall, part of the Metropolitan Borough of Walsall. The site will focus on supporting people with mental health issues and learning disabilities.
Founded in 2006 by Matthew Harrison, Midway Care Group provides care to patients across 11 care homes and 24 supported living homes in the West Midlands, the Group also provides specialised residential and transitional services to individuals aged between 18 & 65, with learning disabilities and associated needs.
Dale Cowdell, Associate Director of Debt Finance at OakNorth Bank stated:
“With demand for supported housing from people with a learning disability projected to increase from 38,500 units in 2015 to 59,800 units in 2030, it’s clear that the services that Midway Care Group is providing is going to increase in importance. Under Matthew’s extensive experience and strong leadership, the Group has built a well-renowned industry reputation and it comes as no surprise that nearly all their homes have a CQC rating of ‘Good’. With Sincere Homes looking to build upon the 15 schemes they’ve already developed for Midway Care Group to date, we look forward to supporting them in the future.”
