Cynergy Bank has provided a £2.5m refinance and acquisition package for a Shropshire nursing home.
The bank said it had successfully completed a £2.35m Coronavirus Business Interruption Loan Scheme (CBILS) term loan and an £165k overdraft facility to assist the owners of Vicarage Nursing Home in Shrewsbury to refinance their existing loan and purchase their freehold.
Roger, Margaret and James Ephraims, owners of Vicarage Nursing Home, said: “Recognising the uncertainty in the current climate, particularly within our sector, it has been refreshing to work with Satyen Shingadia of Cynergy Bank to achieve the refinance and acquisition package to support our strategy. We look forward to working with the Bank on our future projects.”
Satyen added: “We are delighted to have the opportunity to work with the Ephraims family, in supporting them with the refinance and acquisition of the freehold of the nursing home.”
Cynergy Bank reached a significant milestone earlier in 2021, lending over £200m to SMEs through the British Business Bank’s CBILS scheme.
The bank was able to assist both existing and new customers, with 57% of loans going to existing customers and 43% to new customers.
Vicarage Nursing Home was advised by Ruth Latham of Wall James Chappell Solicitors.
Cynergy Bank was advised by Charlotte Round, Daniel O’Brien and Sameena Punnu of Fieldfisher, Rick Tarver of Knight Frank and Ed Brown of Christie Finance (Introducer).