Atom bank has continued its relationship with an existing care home provider customer, delivering a £1.3 million commercial mortgage to enable them to purchase their eighth care home.
The client has worked in the care home sector for over a decade. They now own eight care homes, with different ownership structures, including four with the funding support of Atom bank.
Atom bank has established a strong relationship with the customer, having first worked with them as a first-time buyer in the care home sector.
The broker, Alena Ray, director of commercial mortgages at Christie Finance, brought the case straight to Atom bank because of their ongoing relationship with the client, as well its favourable criteria for care homes, such as the ability to go up to 75% LTV and obtain amortisation terms of up to 25 years.
Atom bank was able to support the client with a £1.3 million commercial mortgage at 75% LTV, with the rate fixed for five years.
Karen McGrath (pictured), regional business development manager at Atom bank, said:“When the client first came to us, they did not have direct experience of managing a care home specifically, but we were able to take their transferable skills into account and help them make that first purchase.
“The fact that they have built a successful business is testament to the importance of supporting first-time buyers in the care home sector, while it’s incredibly rewarding that they continue to work with Atom bank for funding on their purchases.
“The combination of great criteria, a desire to support both first-time buyers and experienced owners, speed and relationship building that we offer at Atom bank is incredibly powerful in this sector and we’re immensely proud of the financial support we provide for care homes across the UK.”
Ray added: “I have worked with Atom Bank since 2016 and my relationship with my BDM Karen and the underwriters have strengthened over the years and they are my go-to for funding within the care and medical sector.
“The experience and understanding they have of these sectors means that they really stand out, as does the ongoing support. Karen gave us constant updates, ensuring that the case was progressing, while direct access to the underwriter was also critical.
“The client is really happy – though this is their fourth deal with Atom bank, we are already working on a fifth.”
