Funding For Care Home Fit Outs

Leasing, asset finance and business loans are a key source of funding to the UK Care Home fit out sector. Here at Fit Out Finance, we can arrange finance for a small privately owned single care home through to the largest UK care home brands.

Many of our clients are small independent care home groups operating estates with up to five care homes. The UK care home sector is a £16 billion market, with over 11,300 care homes in the UK servicing about 410,000 residents. We are proud to be involved in this sector and to assist in its development.

Finance and funding is one of the key factors that all care home business owners must take into account when looking to buy or develop a care home, or later looking to upgrade or refurbish it.

Care home premises fit out finance and the use of bank funding

In most cases, our clients have good relationships with banks who have funded their freehold or long-leasehold premises. Smaller chains may have a high net worth individual backing the operation or have been able to source funding from other business loan companies.

So where does Fit Out Finance step in? We are happy to fund refurbs, rolling maintenance or major new projects, usually without taking any security over the property. The great news is that any lease, asset finance or business loan we put in place will not affect your existing care home funding facilities.

What do care home owners look to finance via Fit Out Finance?

Ongoing Refurbishment

As every care home operator knows, there is always something that needs replacing or repairing.

Sometimes this replacement justifies leasing in its own right and we are certainly happy to help, however in many cases the cost doesn’t justify a stand-alone arrangement, or it may just be easier to pay from cash.

This is why we have created a cash-return (sale and lease back) facility, which enables the care home to pay suppliers directly, where after we will reimburse the money when overall spend is more substantial – up to six months after the expenditure has been incurred.

Major refurbishment or expansion projects

Often running to millions of pounds, several of our care home clients have embarked on substantial projects where the core development cost is covered by their bank.

On these projects, pre-start costs often run well into six figures whilst the ‘bits and pieces’ of furniture, lighting, soft furnishings etc add a healthy sum on top of that.

We have been pleased to fund the costs of surveyors, designers and preliminary work as well as some fairly esoteric assets such as sub-stations and septic tanks.

Care homes undertake many different forms of refurbishment or expansion. Some of the other key areas where we can arrange finance for a care home are:

  • Financing for a wellbeing and therapy facilities.
  • Leasing for care home catering equipment and kitchens.
  • Asset finance for CCTV systems,  alarm and secure entry systems.
  • Funding for care home bedrooms and audio visual equipment.
  • Leasing for refurbishment of a residents’ lounge and reception area
  • Lighting, and changing light bulbs to LED technology.
  • Dedicated software systems, IT equipment, and care home telephones.

Finance for care home Start Ups

Starting a care home doesn’t come cheap. In most cases the new owner will want to start making changes, either to tired equipment or implement a rolling refurbishment program to establish their brand.

Fit Out Finance are happy to support start-ups who are replacing or adding equipment to their new premises.

Similarly if you have already incurred expenditure on equipment we can offer sale-and leaseback facilities to return much-needed cashflow.

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