Finance equipment, don’t rent
Nursing Home
Winning a new contract
With a new contract on the line and a bank that couldn’t facilitate their needs, Clear Business Finance steps in and secures a £500k loan on highly competitive terms.
The Challenge
A nursing home focused on superior care for dementia patients and the elderly, had the potential of winning a new NHS contract but found acquiring the needed funding through their high street bank a frustrating process. Despite being a financially strong business, they had been declined due to the strict criteria their bank was reluctant to move away from.
It was crucial that the nursing homes search for funds didn’t take up a lot of their time, they had built a very strong Care Quality Commission rating over the years and they needed the freedom to focus on their day-to-day undertakings.
With the client running out of ideas, this is where Clear Business Finance stepped in.
Key Facts
Amount Financed
£500,000
Product
Business Loan, Unsecured
Location
Lancashire
Applied via:
ClearBusinessFinance.com
The Results
Clear secured a £500,000.00 unsecured loan for the business over a 5-year term, meaning no company assets were required as security. In addition a payment holiday was arranged for the client, which allowed them to focus on generating a return on their investment before repayments were due.
Finally, the client also had the option of settling at any point, this is always useful because in the eventuality that returns are quicker than expected, the client can repay early keeping the interest charged to a minimum.
The nursing home used the funds to purchase a new fully refurbished site immediately doubling their capacity and providing them with the needed facilities to take on the desired contract.
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