UK lending specialist Fortwell Capital has extended a revolving development finance facility it initially provided to purpose built residential care home developer LNT in 2014 by three years and increased the amount available to £40 mln (€45 mln).
Since signing the original facility in December 2014, Fortwell has funded the acquisition and construction of 17 care homes across the UK, providing over 1,000 beds with a total value of £150 mln.
In addition to extending and increasing the facility, the amended loan permits LNT to undertake larger projects of up to £15 mln in value. The loan has a 4.5 year maturity.
Arthur Jennings, head of Real Estate Finance at Fortwell Capital said: 'We anticipate this renewed facility will allow LNT to develop an estimated 1,500 care home beds with a total gross development value in excess of £200 mln over the next 3 to 4 years. There continues to be a notable shortage of new purpose built care homes in the UK and Fortwell is proud to be supporting the provision of quality accommodation in this area and backing a best in class team at LNT.'
