07 August 2018
Fiduciam’s loan enabled the borrower to refinance three UK care homes. Due to a Care Quality Commission (CQC) issue with one of the homes, the borrower had run into trouble with their high street lender who wanted to foreclose on their loan, despite the business still being in profit. The borrower stood to lose circa £8m in equity had the lender progressed a sale through administrators.
The Fiduciam loan allows the borrower to retain the business they have spent twenty years building and, in doing so, prevents the loss of numerous jobs and much-needed beds for patients. It also gives the borrower enough time to restructure the business and put another long-term loan in place.