Rhencullen Care Group secures £2m CBILS loan from Cynergy Bank

Cynergy Bank has provided a £2m CBILS loan to the Rhencullen Care Group, an owner and operator of residential and specialist dementia care for older people.

The client required the funds to refinance their existing debt held with another provider and acquire the freehold of Belvoir House, a converted Victorian property in Brundall, Norfolk.

While the government guarantee 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.

Rhencullen Care Group was represented by Hansell Solicitors, while Cynergy Bank was advised by Fieldfisher, Knight Frank and introducer, Christie Finance. 

Mandy Croshaw, managing director at Rhencullen Care Group, said: “Securing the funding and refinance for our group has been an enjoyable and seamless process.

“From the very beginning we were made to feel completely at ease, and nothing was too much trouble.” 

Leah Cowley, finance and managing director at Rhencullen Care Group, added: “We know our relationship will go from strength to strength, giving us the opportunity to grow a successful group of care homes.”

Satyen Shingadia, relationship director at Cynergy Bank, commented: “It has been a fantastic experience to work with Mandy and Leah to assist them in purchasing the freehold of Belvoir House. 

“They run a highly successful group of residential care homes in the Norfolk region, and I look forward to working with them on future projects.”

Leave a comment