Residential Care Home Finance

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  • Expand capacity to capture demand
  • Staff facilities will aid retention
  • Offer specialist treatments
  • Ensure you are energy-efficient
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  • Both a lender and broker

  • Healthcare industry finance since 2007

  • Expert personal service

Invest in facilities, refurbishment and extention

Care Home Finance

The elderly care home market in the UK currently has a shortfall of 45,000 en-suite bedrooms, a number that could grow to 58,000 by 2025. It’s a shortfall driven by the increasing demand of our aging population. By 2040, one in four people in the UK will be over 65. This is just one statistic of many that highlights the need for new, modern, elderly care home accommodation and new types of facilities such as Integrated Retirement Communities (IRCs). However, operators are still reeling from the impact of the pandemic.

How does it work?

We make things easy

We know that finance can sometimes be confusing and stressful, but what we do is simple.

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1. Get started in 1 minute.

Enquire without affecting your credit score.

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2. Understanding your business.

A dedicated account manager will discuss your needs and collect documentation.

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3. Our experts do the leg-work.

We find the right deals, complete applications on your behalf and get you a no obligation quote.

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4. Your no-fuss finance is funded.

If accepted, your assets will be bought and delivered or the finance released to your account.

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Get over COVID first

As much as the market exists for residential care home operators and developers alike, the sector had a horrendous experience during the pandemic. On top of the tragic loss of so many residents to the virus, operators were also met with the financial and operational demands of rigorous infection control procedures, all the while struggling with a long-term staffing crisis. With an existing demand and a market projected to continue to grow for the foreseeable, operators of residential care homes can look forward to a brighter future, as long as they can make it through the aftershock of the pandemic. Residential care finance from Portman can assist your business through this difficult period, and put you in good stead to build back stronger.

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Invest in your staff

Undoubtedly, staffing will be one of, if not the, most significant challenge facing operators in the sector. Burn-out or disenchantment caused by the stress of the pandemic has led many to leave the profession completely, while supply of new blood into the sector remains insufficient to meet rising demands. Therefore, it is critical that you protect your current staff, keeping them focused and motivated. A loan from Portman can be used to create staff incentives, bring forward pay rises and increase training, for instance. Anything to demonstrate your commitment to them and increase your existing skills and capabilities.

Our team of experts is ready to help

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Future proof your care home with the latest technology

Even quite modest investment in technology can deliver huge benefits to businesses, particularly those with tight margins and complex administration demands. Software can improve the quality and traceability of care, monitoring and treatments for residents. It can improve the efficiency of staff to ensure you get the most out of the resources you have available. In terms of resident experience, and how attractive your facility is to future guests, good quality WiFi, cameras and screens help a more tech-savvy older generation stay connected to friends and family. Portman can put together hire purchase, lease or loan solutions to help you make these essential investments in technology.

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Invest in sustainability

Sustainability is no longer a buzzword. It is now a concern for all, and should be seen as part of the future proofing of any business. For residential care and later living providers, investment in sustainable energy now will help protect against unstable energy prices in the future. It also ensures your facility stands out against less forward-thinking competitors, and keeps up with brand new developments that are built with sustainability from the ground up. Future guests and their families will increasingly regard sustainability as an issue affecting their decision. Loans and asset finance from Portman can help you get the right advice, and the right sustainability strategy in place.

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Get the right help to secure your new development

The volume of planning applications for new residential care and later living facilities has reduced during the pandemic by 25%. However, application refusals are at a five-year high. The trend in planning activity is split between more experienced applicants having a comparatively high success rate, competing with more speculative applicants. Although the more established operators are submitting fewer appeals, they are now more likely to win them. What does this tell us? Experience matters. Applications and appeals are expensive and time consuming. Invest in the right consultants to avoid common pitfalls and maximise your chance of submitting a successful planning application. And of course, you can fund that wisdom with financial support from Portman.

How we support your Residential Care Homes

We’re all living longer, healthier, active lives. That means the residential care and later living market is one that is guaranteed to grow. However, this and subsequent generations of elderly and retired will not be like those of 40 years ago. They are more tech savvy, active and connected. The sector has learned painful lessons from the pandemic that will make businesses even more resilient in the future – as long as they make the right investments in their staff and their offering today. Portman combines personal customer care with innovative and flexible routes to funding, creating a trusted and bespoke financing solution for every customer. Call us today.
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Hire Purchase

Hire purchase usually involves paying the VAT and a deposit up-front. Fixed monthly repayments are then made, affected by whether you pay off the entire loan over the term or chose a final balloon payment. The final option to purchase is guaranteed for a nominal fee, transferring ownership of the asset to the customer.

Hire purchase is well-suited for situations where a company definitely wants to own the item at the end of the term, often where the asset has a significant usable lifespan, a high residual value and will not need to be upgraded.

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Lease Finance

Equipment leasing allows a business to acquire hard or soft assets without the upfront costs associated with large purchases. A lender purchases the item, the business then leases it through fixed monthly payments over an agreed term.

Typically, asset finance is provided for high value ‘hard’ assets such as machinery, equipment, or vehicles, but Portman also arranges asset finance for ‘soft’ assets such as IT, fitness, catering, or vending equipment, as well as premises fit-outs, furniture or even air-conditioning.

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Business Loans

Business loans are a way of borrowing money, which is repaid in monthly instalments, including interest, over an agreed term. Business loans are a common way to help smooth out cashflow fluctuations and take opportunities where otherwise they could be missed due to a lack of working capital.

Business loans can be secured or unsecured. Portman typically provides unsecured loans which can be more flexible and do not require collateral but are likely to require a personal guarantee. Secured loans are tied to an asset which the lender can claim ownership of if repayments are not made, these may be used in equipment refinance deals.

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Start Up Loans

New businesses often need an injection of finance to get them off the ground. Asset finance for new businesses allows you to focus on running your company and bringing in customers, confident that you have the equipment, vehicle or stock you need without the large initial outlay.

Using finance for your equipment means that you preserve the credit card or overdraft for contingency and operating expenses when the unexpected happens.

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Equipment Refinance

If you recently bought a high-value item outright but would now prefer to have financed it, we can help with a sale-and-lease-back agreement. If the item is less than 3m old, give us a copy of the invoice and we will calculate the current value. After a few checks and acceptance of the term and monthly repayments, we can give you the cash equivalent of the invoice to put back into the business. You’ll then make fixed monthly payments including interest, whilst your asset earns you money.

If your business owns high value assets that are not currently on finance, subject to a valuation, it is also possible to use them as security for a loan, with lenders offering a cash loan up to a % of the asset’s value.

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Recovery Loans

Recovery Loans offer an excellent way of making sure your business gets back on its feet after the long-term effects of the pandemic and subsequent supply chain disruption. Businesses with turnovers up to £45m, including those who have previously benefited from the government’s CBILS, BBL or RLS, can apply.

Recovery Loans can be used for any legitimate business purpose or simply to provide cashflow. Rates are capped and the government continues to guarantee 70% of the outstanding balance, giving added security for lenders who are now able to consider finance for businesses who may have previously found it difficult to obtain.

Up to £2m can be borrowed on terms from 2 to 6 years. Your personal private residence cannot be taken as security.

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Successful Care Homes protect, invest and evolve.

Unlock your potential with Portman Finance Group.

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