Vicarage Nursing Home secures £2.5m refinance and acquisition package from Cynergy Bank

Cynergy Bank has provided a £2.5m funding package to Vicarage Nursing Home, a family-run, 50-bed specialist dementia care facility near Shrewsbury, Shropshire.

The bank completed a £2.35m CBILS loan — agreed at 65% LTV — and a 12-month £165,000 overdraft facility to assist the borrower in refinancing an existing loan and purchasing the freehold of the care home.

While the government guarantee for the CBILS loans is for six years, Cynergy Bank was able to structure the loan on flexible terms, with the first year interest and fee-free before the loan reverts to a 24-year capital and interest repayment profile.

Wall James Chappell Solicitors represented Vicarage Nursing Home, while Cynergy Bank was advised by Fieldfisher and Knight Frank.

The deal was introduced by Christie Finance. 

Satyen Shingadia, relationship director at Cynergy Bank, said: “We are delighted to have the opportunity to work with the Ephraims family in supporting them with the refinance and acquisition of the freehold of the nursing home.”

Roger, Margaret and James Ephraims, owners of Vicarage Nursing Home, said in a joint statement: “Recognising the uncertainty in the current climate, particularly within our sector, it has been refreshing to work with Satyen to achieve the refinance and acquisition package to support our strategy. 

“We look forward to working with the bank on our future projects.”

The lender reached a significant milestone earlier this year, having lent over £200m to SMEs through the CBILS scheme.

The company reported that 57% of loans went to existing customers, while 43% went to new customers. 

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