Allica Bank

Allica completes its first healthcare deal

Allica Bank has delivered its first commercial mortgage within its recently launched healthcare division, a nearly £500,000 facility agreed on a 20-year term for the purchase of a 21-room Shropshire-based care home.

The client — a first-time buyer with extensive experience in the care home sector — required the loan to purchase the Hartlands Rest Home from its previous owner, who was retiring after running the care home for 35 years.

The existing management and operational staff will continue to manage the care home’s day-to-day activities and will support the new owner in running the institution.

Allica Bank worked together with Christie Finance to complete the deal.

Anthony Newman, specialist relationship manager at Allica Bank, said: “We are delighted to be able to help our customer acquire their first care home.  

“Their experience in the care sector, combined with the care home’s long-standing and excellent regulatory performance and reputation in the community, made it a transaction we were keen to support. 

“It’s also fantastic to see Allica’s new healthcare division able to make a mark so quickly.”  

David Ward, senior director at Christie Finance, added: “In a sector which is seeing many challenges, this transaction shows the appetite that exists to support both new entrants and existing operators in acquiring quality, well run and profitable care homes. 

“We’re proud to assist such a strong borrower as they enter the market for the first time. 

“Allica’s approach to this transaction is evidence of relationship banking doing its job of working with the customer to understand the requirement and is a testament to the real value that care specialists can bring to the sector.”

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