February 24, 2020 Finance

Assetz provides £2.1m loan to fund Bridlington care home

Assetz Capital has provided a £2.1m loan to Harmony House Healthcare Limited to fund the development of a purpose-built care home in Bridington, East Yorkshire.

Located on Jewison Lane, Sewerby, Harmony House will be a 47 ensuite bedroom facility across two floors. The property will specialise in providing quality care for elderly people with long term conditions. The building offers full access for people with disabilities, as well as 12 parking spaces for residents.

The care home will have a specific bias towards dementia related care, with further focus on those with long term conditions such as Alzheimer’s. Residents will be drawn from both the public and private sector, with research indicating a lack of bed space in the immediate area.

As part of the design and construction, there will also be the scope to extend the roof space and create a further 11 beds.

Since 2013, Assetz Capital has lent over £960m to UK SMEs and housebuilders. As well as funding housing developments, the company also fund projects such as elderly residential care, specialist residential care, retirement & supported living, and purpose build student accommodation (PBSA). The marketplace lender funded new housing projects last year representing the equivalent of 1 in every 100 new homes built.

Neil Roper, Regional Relationship Director at Assetz, said: “Once completed, Harmony House will be a real support for the East Yorkshire community. The latest statistics show that the Bridlington area is home to an above average population of older people, especially over 85s, who are most often affected by long term conditions such as dementia and Alzheimer’s.

“We are pleased to have supported the management team to secure this funding, which will play a key role in satisfying the demand for beds in the Yorkshire region. We wish the business every success as it continues with construction and look forward to the completion of the development.”

Sandra Vyas, Director at Harmony House Healthcare, said: “The support from Neil and Assetz has enabled me to fulfil a long-held dream. My vision is to create a high-end care home with a hotel feel, specifically designed to support dementia sufferers and provide end of life care. After a long, hard battle to secure funding from traditional sources, working with Assetz has been a simple process and I look forward to welcoming our first clients from the end of the year.”

 

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