Atom Bank has finalised a £1.1 million commercial loan, secured against a learning disabilities care facility in Hampshire. The funds were delivered within five weeks, helping the borrower to avoid penalty fees on an expiring bridging loan.
The borrower had purchased and developed the property into a six-bed unit approximately one year prior. The facility is currently let to a corporate tenant on a 15-year lease.
According to Matt Martin, co-founder of Align Property Finance, who brokered the deal, some lenders found it difficult to commit to a valuation for the specialist care property. This presented a risk of delays and additional costs if the bridging loan deadline was missed.
Atom Bank processed the application from valuation to drawdown within the five-week period by running legal work in parallel with the property valuation. Neil Findlay, senior commercial BDM at Atom Bank, noted that care homes are a complex asset, which can deter some lenders.