Allica Bank announces the launch of specialist commercial mortgages
By Joy Dumasia
Allica Bank, the relationship-driven SME lender, has launched new specialist commercial mortgages for care homes run by independent or small group operators. The bank says that the SME care home market is drastically underserved, with smaller firms often struggling to get finance compared to larger operators with multiple locations. Allica Bank will focus specifically on those operators, such as those looking to acquire their first care home, single home operators looking to expand into second or third homes, or those acquiring other operators to grow their portfolio.
Allica Bank has hired two healthcare lending specialists, Anthony Newman and Adam Breakspear, to spearhead this expansion. With years of experience supporting care operators, they will provide tailored expertise to brokers and their clients on issues unique to their sectors, such as ethics and regulatory compliance, staffing challenges and occupancy levels.
Allica Bank is dedicated to serving and supporting small and medium businesses and empowering them to succeed. They combine modern, powerful technology with local relationships in the community to deliver expert banking for business Britain. Offering businesses market-leading lending products, including commercial mortgages and asset finance and a range of business and retail savings products and services.
Nick Baker, Managing Director Intermediaries, said: “The elderly care sector has had a difficult two years. However, the SME care market was underserved long before COVID-19, with many lenders having pulled out of the space in recent years. There is a real opportunity for Allica to support these underserved businesses by offering the level of tailoring and understanding needed to properly support their growth ambitions in what is an increasingly in-demand market.”
IBS Intelligence reported that UK-based mortgage lending platform Landbay had launched a five-year funding partnership, worth £200m of originations per annum, with Allica Bank. Allica Bank, a challenger bank for established small and medium-sized enterprises (SMEs), will fund a range of residential buy-to-let mortgages originated by Landbay.
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