Finding a new lender to put their faith in a growing care home business

Finding a new lender to put their faith in a growing care home business
When the customer’s former lender left the healthcare market, finding a replacement proved challenging. Then Swoop stepped in.


If your go-to funding option dries up, what would you do? 

That was the situation facing our care home customer earlier this year as their original facility expired. On going back to their lender, they found that they had made the decision to pull out of the healthcare market. 

This came as a severe blow to the customer who just about survived, despite turning away new residents throughout the COVID-19 pandemic in order to protect existing residents. Now, with the care home returning to full occupancy, profits were up – but this wasn’t sufficient for most lenders. 

“After doing the right thing and surviving through the pandemic, it felt like a slap in the face to be told lenders wanted a full 12 months of data to confirm our profitability,” explained Swoop’s customer. 

“Just as we felt we were bouncing back, it felt as though the rug was being pulled.”

Swoop’s Commercial Mortgage team took on the case. Ed Brown, Commercial Finance Manager at Swoop explains: 

“From a business point of view, the only way was up: the home was making its way to full occupancy and becoming as profitable as it had ever been. For me, this was a business that had shown resilience, courage in taking the right actions to protect people, and I thought they deserved another chance to keep the doors open.”

Swoop worked closely with the customer’s accountant to demonstrate to lenders both the current and future trading position. Ed says: 

“We were able to put together a strong case that gave us an opportunity with a lender. That lender bought into our customer as an operator and was willing to take a sympathetic view on recent performance rather than focus on the lean years of the pandemic. In the end, we secured a fixed rate loan to protect against future base rate increases with 12 months interest only and a 20 year repayment profile.”

Stuart Pawelczyk, Head of Commercial Mortgages at Swoop says that the customer is delighted with the outcome: 

“This is a great example of a healthy business that will thrive now it has the correct funding deal in place. Once again, our Commercial Mortgage Team at Swoop have gone above and beyond to find solutions when other lenders say ‘no’.” 

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Disclaimer: Swoop Finance Pty Ltd (ABN 52 644 513 333) helps Australian firms access business finance, working directly with firms and their trusted advisors. We are a credit broker and do not provide finance products ourselves. All finance and quotes are subject to status and income. Applicants must be aged 18 and over and terms and conditions apply. Guarantees and Indemnities may be required. Swoop Finance Pty Ltd can introduce applicants to a number of providers based on the applicants’ circumstances and creditworthiness, we may receive a commission or finder’s fee for effecting such introductions. Swoop Finance Pty Ltd does not provide any kind of advice and in giving you information about providers products, we are not making any suggestion or recommendation to you about a particular product. Offers of finance are subject to a separate assessment process by the provider and subject to their terms and conditions. If you feel you have a complaint, please read our complaints section which is contained within our terms and conditions.

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