Fortwell Capital has extended a revolving finance facility to care home developer LNT Care Developments by three years, increasing the amount available to £40m.
The lender, formerly Omni Capital, provided LNT with a £30m facility in 2014, which it said has funded the acquisition and construction of 17 care homes with more than 1,000 beds in total.
Arthur Jennings, head of real estate finance at Fortwell, said he expected the renewed facility to fund about 1,500 new care home beds across the UK over the next three or four years with a total GDV of more than £200m.
The extended loan, which expires in 4.5 years, permits LNT to develop care homes valued at up to £15m each.
Jennings said: “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 LNT.”
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