{"id":25855,"date":"2022-12-08T10:06:19","date_gmt":"2022-12-08T10:06:19","guid":{"rendered":"https:\/\/swoopfunding.com\/ca\/uk\/sectors\/care-home-finance\/"},"modified":"2026-03-27T09:21:17","modified_gmt":"2026-03-27T09:21:17","slug":"care-home-finance","status":"publish","type":"sectors","link":"https:\/\/swoopfunding.com\/ca\/sectors\/care-home-finance\/","title":{"rendered":"Care home finance"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"25855\" class=\"elementor elementor-25855\" data-elementor-post-type=\"sectors\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-1917af68 elementor-section-height-min-height elementor-section-boxed elementor-section-height-default elementor-section-items-middle\" data-id=\"1917af68\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t\t<div class=\"elementor-background-overlay\"><\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-4b7d81ec\" data-id=\"4b7d81ec\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-14e48221 elementor-widget elementor-widget-heading\" data-id=\"14e48221\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\">Care home finance<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7c6ce31e elementor-widget elementor-widget-text-editor\" data-id=\"7c6ce31e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Like most advanced economies, Canada has an <\/span><a href=\"https:\/\/www12.statcan.gc.ca\/census-recensement\/2021\/as-sa\/98-200-X\/2021004\/98-200-x2021004-eng.cfm\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\"><span style=\"color: #ccffcc;\">ageing population<\/span><\/span><\/a><span style=\"font-weight: 400;\">, with more than 7 million people beyond the age of 65, and near 1 million over 85.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-27d56921 elementor-align-center elementor-widget elementor-widget-button\" data-id=\"27d56921\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-md\" href=\"https:\/\/app.swoopfunding.ca\/stage\" target=\"_blank\" rel=\"noopener\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Get a quote<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-7ed8246c elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"7ed8246c\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-6dfa78d2\" data-id=\"6dfa78d2\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-640b8c0 elementor-widget elementor-widget-ucaddon_breadcrumbs\" data-id=\"640b8c0\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"ucaddon_breadcrumbs.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\n\n\t\t\t <div id=\"breadcrumbs-container\" class=\"center\">\n <nav aria-label=\"breadcrumbs\" class=\"rank-math-breadcrumb\"><p><\/p><\/nav> <\/div>\n\n\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7728b2dd elementor-widget elementor-widget-text-editor\" data-id=\"7728b2dd\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">As people get older, they need more assistance to carry out basic activities, and many require the kind of full-time attention that only a care home can provide. This potent mix of ageing citizens and booming demand has seen the Canadian care home industry mushroom, with revenues reaching <\/span><a href=\"https:\/\/www150.statcan.gc.ca\/n1\/pub\/83-237-x\/2008001\/4097209-eng.htm\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">$11billion<\/span><\/a><span style=\"font-weight: 400;\"> in 2021.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">Clearly, buying a care home or expanding an existing care facility can make good financial sense. However, instead of using cash, care home finance and mortgages are the best way to fund business growth. Read on to find out more and discover how to fund your care home without piling strain on cashflow.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-559843ed elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"559843ed\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-3802042d\" data-id=\"3802042d\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-4a08e61a elementor-widget elementor-widget-heading\" data-id=\"4a08e61a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">What is a care home mortgage?<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2b89c096 elementor-widget elementor-widget-text-editor\" data-id=\"2b89c096\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">A care home mortgage is a <\/span><a href=\"https:\/\/swoopfunding.com\/ca\/business-loans\/commercial-mortgages\/\"><span style=\"font-weight: 400;\">commercial mortgage<\/span><\/a><span style=\"font-weight: 400;\"> used to buy, develop, or refinance a care home. This may mean buying an existing care home, starting from scratch with a new property, expanding an existing facility, or extracting equity for liquid cash.<\/span><\/p><p><span style=\"font-weight: 400;\">Care home mortgages function like residential mortgages, where a lender provides a percentage of the purchase price based on LTV (loan-to-value, a comparison of the size of the loan to the value of the property), and the borrower repays the loan in instalments, as either capital + interest, or interest only and a lump sum capital repayment at the end of the loan term \u2013 which can be anywhere from 1 \u2013 25 years. However, most other factors of a care home mortgage are unlike the standard residential loan:<\/span><\/p><ul><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The lender may provide 90% LTV, but typically, it will be 80% or less.<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Interest rates and fees are agreed on a case-by-case basis. There is no \u2018one size fits all\u2019 and commercial mortgage rates are usually higher than residential home loans.<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">This is a business mortgage, so lenders pay attention to the borrower\u2019s business record, relevant industry experience, and general care market conditions.<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The borrower\u2019s <a href=\"https:\/\/swoopfunding.com\/ca\/business-glossary\/business-plan\/\">business plan<\/a> is a core part of the application process. Lenders must see that the care home will be well managed and that loan repayments will not constrain the business.<\/span><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-55627b3 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"55627b3\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-6424192\" data-id=\"6424192\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-0f27267 elementor-widget elementor-widget-heading\" data-id=\"0f27267\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">When to finance a care home<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ece9ab0 elementor-widget elementor-widget-text-editor\" data-id=\"ece9ab0\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Even in a period of rising interest rates, financing your care home acquisition or expansion can be the best decision. Spreading costs over time allows inflation to shrink the impact of instalment repayments and you can use your capital for other short-term opportunities or to create a \u2018rainy day\u2019 fund for unexpected emergencies. (As seen with the recent COVID-19 pandemic).<\/span><\/p><p><span style=\"font-weight: 400;\">Additionally, although they are generally very profitable, care homes are labour-intensive businesses, often with high overhead to care for large numbers of elderly residents. This, plus the fact that only <\/span><span style=\"font-weight: 400;\">half of care home revenues come from \u2018self-funders\u2019<\/span><span style=\"font-weight: 400;\"> (residents who pay for their care themselves) and the other 50% of income comes from local authorities who may only pay quarterly, can result in erratic cashflow. It therefore makes little sense to constrain working capital by paying cash to start or expand your care home business.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">Lastly, financing an acquisition may allow you to buy a bigger care home with higher occupancy rates (a key indicator of profitability), than you could buy using cash. Even though bigger homes with high numbers of occupants will cost more to buy, in the long run, they may be more profitable and less prone to hiccups in the Canadian long-term care market. <\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-537a10c1 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"537a10c1\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-4b82274d\" data-id=\"4b82274d\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-203ec42e elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"203ec42e\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-inner-column elementor-element elementor-element-57a36b8a\" data-id=\"57a36b8a\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-2677515c elementor-widget elementor-widget-heading\" data-id=\"2677515c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">What types of finance can I get for a care home?<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<div class=\"elementor-element elementor-element-df6b81f elementor-widget elementor-widget-text-editor\" data-id=\"df6b81f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Buying a care home is not the only time that owners and investors may need finance to support their business. Buying expensive equipment or vehicles, developing and extending existing premises, covering cashflow dips or paying tax \u2013 they may all require financial support. Fortunately, just like any other business, there are a range of other loans available for care homes. They include:<\/span><b><\/b><\/p><ul><li aria-level=\"1\"><a href=\"https:\/\/swoopfunding.com\/ca\/business-loans\/commercial-mortgages\/\"><b>Care home mortgage:<\/b><\/a><\/li><\/ul><p><span style=\"font-weight: 400;\">A long-term loan used to buy or start a care home. Borrow up to 90% of the purchase price, with the property providing security for the loan. Pay\u00a0 the loan back over 1 \u2013 25 years.<\/span><\/p><ul><li aria-level=\"1\"><b>Development loan:<\/b><\/li><\/ul><p><span style=\"font-weight: 400;\">Use this type of finance to pay for new construction or re-development of existing care homes. Pay for extensions, car parking space, retrofitting, refurbishment, etc.<\/span><\/p><ul><li aria-level=\"1\"><a href=\"https:\/\/swoopfunding.com\/ca\/business-loans\/asset-finance\/asset-based-lending\/\"><b>Asset-based lending:<\/b><\/a><\/li><\/ul><p><span style=\"font-weight: 400;\">A form of lease that can pay for vehicles (like a mini-bus) and new equipment. Use the purchased item while you pay for it. The asset acts as security for the loan.<\/span><\/p><ul><li aria-level=\"1\"><a href=\"https:\/\/swoopfunding.com\/ca\/business-loans\/working-capital-loans\/\"><b>Working capital loans<\/b><\/a><b>:<\/b><\/li><\/ul><p><span style=\"font-weight: 400;\"><a href=\"https:\/\/swoopfunding.com\/ca\/business-loans\/short-term-loans\/\">Short-term borrowing<\/a> to plug the dips in cashflow. Suitable for almost any day-to-day expense. Pay for supplies and services, distribution costs, maintenance expenditures and more. May be obtained with or without security.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5b1e372e elementor-align-center elementor-widget elementor-widget-button\" data-id=\"5b1e372e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/app.swoopfunding.ca\/stage\" target=\"_blank\" rel=\"noopener\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Apply now<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-7efbeae elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"7efbeae\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-ffb1df0\" data-id=\"ffb1df0\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-1be3f87 elementor-widget elementor-widget-heading\" data-id=\"1be3f87\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Do I need experience in care to get a care home mortgage or finance?<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-efbd825 elementor-widget elementor-widget-text-editor\" data-id=\"efbd825\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Not necessarily, but it helps.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">First-time care home operators may successfully obtain finance or a commercial mortgage to buy their care home, but the borrower\u2019s industry experience is often a key consideration in the lender\u2019s decision. They must be confident that the applicant has sufficient experience in the care sector to ensure the home will be well managed.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">This means that as well as providing the usual business plan, references, and financial data, first-timers must also prove their ability to run a care home\u00a0 &#8211; usually with relevant industry experience as a care manager or similar role, and by providing certification<\/span><span style=\"font-weight: 400;\">. (Registered care home managers must be of good character, be mentally and physically capable of performing the role and have the necessary skills, qualifications and experience. What constitutes \u2018necessary\u2019 skills, qualifications and experience for a registered manager varies from case to case and depends on the nature of the care provision). <\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-adf7887 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"adf7887\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-8cf837d\" data-id=\"8cf837d\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-c97f7bd elementor-widget elementor-widget-heading\" data-id=\"c97f7bd\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">How to get care home finance or a care home mortgage<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b359f3e elementor-widget elementor-widget-text-editor\" data-id=\"b359f3e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">As with any loan application, preparation is key. Having all your ducks in a row reduces delay and improves your chances of success:<\/span><\/p><h3><b>Step 1: Gather your documentation<\/b><\/h3><p><span style=\"font-weight: 400;\">Each lender will have different criteria and that may affect the documentation they request. However, most care home finance applications will require:<\/span><\/p><ul><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The last 2 \u2013 3 years accounts and income statements for the business, including balance sheet showing current debt and assets.<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Business and\/or personal bank statements covering the past 3 months.<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Proof of address and identity<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Business plan<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Lease or tenancy agreement for your business premises<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Possibly an accountants\u2019 projection and cashflow forecast.<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Agreement with local authority.<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Occupancy levels and income per care home resident.<\/span><\/li><\/ul><p><span style=\"font-weight: 400;\">The lender will also conduct standard credit and security checks.\u00a0<\/span><\/p><p><b>Top tip:<\/b><span style=\"font-weight: 400;\"> Check your personal and business credit scores before you apply. Errors on your report could impact limit your ability to secure the loan you need.<\/span><\/p><h3><b>Step 2: Prepare your proof of industry experience<\/b><\/h3><ul><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">History of care home (or similar, such as a child nursery) experience.<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">List of any industry awards or commendations.<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Industry references. <\/span><\/li><\/ul><h3><b>Step 3: Prepare your business plan and presentation<\/b><\/h3><p><span style=\"font-weight: 400;\">Your business plan and presentation are a central element of your care home mortgage application. Lenders are looking for borrowers who can deliver a successful business outcome. Your cashflow forecasts, budget management plan, staff management plan, marketing plan, care quality mandate, and long-term growth or exit plan are key to securing the loan you need. Where you lack experience or skills to fulfil these objectives, your business plan must reveal how and who you will recruit to support you. In areas where your skills are not strong, such as financial forecasting and projections, it is worth investing in professional assistance to build the information sets you need.<\/span><\/p><h3><b>Step 4: Get matched with funding<\/b><\/h3><p><span style=\"font-weight: 400;\">Just as no two care homes are the same, so no two care home mortgages are the same. The type of care facility you are buying, its location, its revenue streams, its levels of existing debt and its cashflow will help to determine the type of loan you need. Matching your requirement to the right loan is critical. It therefore pays to consider all the options before settling on an offer.\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-5646892 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"5646892\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-78e178b\" data-id=\"78e178b\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-7fc7aca elementor-widget elementor-widget-heading\" data-id=\"7fc7aca\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">How do I find the best funding option?<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2b02445 elementor-widget elementor-widget-text-editor\" data-id=\"2b02445\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Care home finance and mortgages are a niche area, with different rules of application. Borrowers seeking these types of loan may find themselves forever searching and making applications to lender after lender. The delays this can create could cause you to lose the care business you wish to buy. Instead, working with a broker, who can access care home finance and mortgages from a wide range of lenders is a better way to go. No more cold calls and endless demands for information. Simply tell us what you need and leave the rest to us.<\/span><span style=\"font-weight: 400;\"><br \/><\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-1081889 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"1081889\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-a670c1b\" data-id=\"a670c1b\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-64e1b9a elementor-widget elementor-widget-heading\" data-id=\"64e1b9a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Get started with Swoop's business funding platform<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-295dd5d elementor-widget elementor-widget-text-editor\" data-id=\"295dd5d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Don\u2019t go round the houses looking for the right deal. Find the best rates, the best terms and the best care home finance or mortgages all in one place. Contact Swoop today.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-79b4aa8b elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"79b4aa8b\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-4b711dd4\" data-id=\"4b711dd4\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-0c804c2 elementor-align-center elementor-widget elementor-widget-button\" data-id=\"0c804c2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/app.swoopfunding.ca\/stage\" target=\"_blank\" rel=\"noopener\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Apply now<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-93bf53e elementor-widget elementor-widget-spacer\" data-id=\"93bf53e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-374b05c5 elementor-widget elementor-widget-heading\" data-id=\"374b05c5\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Testimonials<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3bf039e elementor-widget elementor-widget-ucaddon_testimonials\" data-id=\"3bf039e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"ucaddon_testimonials.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\n\t\t\t<style type=\"text\/css\">\/* widget:Testimonials *\/\n\n.testimony{\n margin:0;\n}\n.testimony .owl-theme .owl-dots .owl-dot.active span{\n background:;\n}\n\n.testimony .owl-theme .owl-dots .owl-dot:hover span{\n background:;\n}\n\n.testimony{\n\t content-visibility:auto;\n\t contain-intrinsic-size:445px;\n}\n .testimony .inner-testimony .read-mores{\n\t margin-left:15px;\n}\n .testimony .inner-testimony .icon{\n\t color:#eee;\n}\n .testimony .inner-testimony .icon-quotation-left{\n\t position:relative;\n\t top:-28px;\n\t left:0;\n}\n .testimony .inner-testimony .icon-quotation-right{\n\t position:relative;\n\t bottom:-28px;\n\t right:-8px;\n}\n .testimony .inner-testimony p{\n\t margin:0;\n\t color:#003e52;\n}\n .testimony .inner-testimony .testimony_description{\n\t padding:40px 0;\n}\n .testimony .inner-testimony .desc_testimony{\n\t font-size:24px;\n}\n .testimony .inner-testimony .author_testimony{\n\t font-size:18px;\n\t margin-top:20px;\n}\n .testimony .inner-testimony .role_testimony{\n\t font-size:18px;\n}\n .testimony .owl-theme .owl-nav .owl-prev{\n\t position:absolute;\n\t left:0;\n\t margin:-18px 0;\n\t top:50%;\n}\n .testimony .owl-theme .owl-nav .owl-next{\n\t position:absolute;\n\t right:0;\n\t margin:-18px 0;\n\t top:50%;\n}\n @media (max-width:992px){\n\t .testimony .inner-testimony{\n\t\t padding:40px 40px;\n\t}\n\t .testimony .inner-testimony .testimony_description{\n\t\t padding:0;\n\t}\n}\n @media (max-width:768px){\n\t .testimony{\n\t\t margin:50px 0 40px 0;\n\t}\n\t .testimony .inner-testimony .desc_testimony{\n\t\t font-size:19px;\n\t}\n\t .testimony .owl-dots{\n\t\t margin-top:30px !important;\n\t}\n\t .testimony .inner-testimony{\n\t\t padding:40px 0;\n\t}\n}\n\n<\/style>\n\n\t\t\t<div class=\"container\">\n <div class=\"testimony\">\n <div class=\"row justify-content-center\">\n <div class=\"col-xl-8 col-lg-10\">\n <div class=\"inner-testimony text-center\">\n <div id=\"owl-testimony\" class=\"owl-carousel owl-theme\">\n <div class=\"item\">\n <div class=\"testimony_description\">\n <p class=\"desc_testimony italic\"><i class=\"icon icon-quotation-left\"><\/i>Swoop was a good solution, because I was able to access cash that I badly needed, but more importantly I was able to do it quickly.<i class=\"icon icon-quotation-right\"><\/i><\/p>\n <p class=\"author_testimony\">Shariq Mirza<\/p>\n <p class=\"role_testimony\">Owner, F45 Maple, Canada<\/p>\n <\/div>\n<\/div>\n<div class=\"item\">\n <div class=\"testimony_description\">\n <p class=\"desc_testimony italic\"><i class=\"icon icon-quotation-left\"><\/i>Daire made it happen! There is no doubt that Swoop sped up the process and found lenders that worked to our time scale rather than the other way round<i class=\"icon icon-quotation-right\"><\/i><\/p>\n <p class=\"author_testimony\">Hocque Figureoa<\/p>\n <p class=\"role_testimony\">Joint owner, F45 Virginia<\/p>\n <\/div>\n<\/div>\n<div class=\"item\">\n <div class=\"testimony_description\">\n <p class=\"desc_testimony italic\"><i class=\"icon icon-quotation-left\"><\/i>Swoop was actually very helpful in helping us get our initial fundraising in place. Swoop was able to connect us with investors, with grant financing options and debt financing options.<i class=\"icon icon-quotation-right\"><\/i><\/p>\n <p class=\"author_testimony\">Viler Lika<\/p>\n <p class=\"role_testimony\">Founder, SingleKey<\/p>\n <\/div>\n<\/div>\n<div class=\"item\">\n <div class=\"testimony_description\">\n <p class=\"desc_testimony italic\"><i class=\"icon icon-quotation-left\"><\/i>Pedja was amazing. Super supportive, understanding of our needs and wasn't pushy at all. We've been going back and forth with Swoop for over a year inquiring about different financing options and they were patient until we were ready!<i class=\"icon icon-quotation-right\"><\/i><\/p>\n <p class=\"author_testimony\">Chris Skeates<\/p>\n <p class=\"role_testimony\">F45 Multi-studio owner<\/p>\n <\/div>\n<\/div>\n\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t<div class=\"elementor-element elementor-element-48e2ce7 e-flex e-con-boxed e-con e-parent\" data-id=\"48e2ce7\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-52d0689 elementor-widget elementor-widget-ucaddon_author_page\" data-id=\"52d0689\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"ucaddon_author_page.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\n\n\t\t\t\n\n\n <div class=\"info-user-post\">\n \n <div class=\"left-info\">\n <a href=\"https:\/\/swoopfunding.com\/ca\/author\/chris-godfrey\/\" aria-label=\"Chris Godfrey\">\n <picture loading=\"lazy\" decoding=\"async\" class=\"attachment-large size-large\">\n <img loading=\"lazy\" decoding=\"async\" loading=\"lazy\" src=\"https:\/\/swoopfunding.com\/wp-content\/uploads\/2024\/10\/chris-godfrey-author.webp\" data-lazy-src=\"https:\/\/swoopfunding.com\/wp-content\/uploads\/2024\/10\/chris-godfrey-author.webp?is-pending-load=1\" alt=\"\" class=\"jetpack-lazy-image\" loading=\"lazy\" width=\"92\" height=\"92\">\n <\/picture>\n <\/a>\n <\/div>\n \n <div class=\"right-info\">\n <div class=\"inner-top\">\n <div class=\"info-top\">\n <div class=\"info-title\">\n <p>Written by<\/p>\n <p class=\"name-author\"><a href=\"https:\/\/swoopfunding.com\/ca\/author\/chris-godfrey\/\">Chris Godfrey<\/a><\/h3>\n <\/div>\n <\/div>\n \n \n <\/div>\n <div class=\"info-bottom\">\n <p>Chris is a freelance copywriter and content creator. He has been active in the marketing, advertising, and publishing industries for more than twenty-five years. Writing for Barclays Bank, Metro Bank, Wells Fargo, ABN Amro, Quidco, Legal and General, Inshur Zego, AIG, Met Life, State Farm, Direct Line, insurers and pension funds, his words have appeared online and in print to inform, entertain and explain the complex world of consumer and business finance and insurance.<\/p>\n <\/div>\n\n <ul class=\"social-links\">\n <li><a href=\"https:\/\/www.linkedin.com\/in\/christopher-godfrey-332198139\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"Linkedin\">\n <img loading=\"lazy\" decoding=\"async\" loading=\"lazy\" src=\"https:\/\/swoopfunding.com\/ca\/wp-content\/themes\/swoopMW50\/assets\/icons\/icon-linkedin-min.svg\" width=\"30\" height=\"30\" alt=\"Linkedin\">\n <\/a><\/li>\n \n \n <li><a href=\"https:\/\/www.freelancewords.co.uk\" target=\"_blank\" rel=\"noreferrer noopener nofollow\" aria-label=\"Website\">\n <img loading=\"lazy\" decoding=\"async\" loading=\"lazy\" src=\"https:\/\/swoopfunding.com\/ca\/wp-content\/themes\/swoopMW50\/assets\/icons\/icon-site-min.svg\" width=\"30\" height=\"30\" alt=\"Website\">\n <\/a><\/li>\n <\/ul>\n\n <div class=\"swoop-promise\">\n <p><strong>Swoop promise<\/strong><\/p>\n <p>At Swoop we want to make it easy for SMEs to understand the sometimes overwhelming world of business finance and insurance. Our goal is simple \u2013 to distill complex topics, unravel jargon, offer transparent and impartial information, and empower businesses to make smart financial decisions with confidence.<\/p>\n <p>Find out more about Swoop\u2019s editorial principles by reading our <a href=\"https:\/\/swoopfunding.com\/ca\/about-swoop\/editorial-policy\/\">editorial policy<\/a>.<\/p>\n <\/div>\n\n <\/div>\n <\/div>\n\n \n\n\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-555eff5 e-con-full e-flex e-con e-parent\" data-id=\"555eff5\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-1543120 elementor-widget elementor-widget-template\" data-id=\"1543120\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"template.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div 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data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-heading-title elementor-size-default\">Ready to grow your business?<\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d271e19 elementor-align-center elementor-widget elementor-widget-button\" data-id=\"d271e19\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-md\" href=\"https:\/\/app.swoopfunding.ca\/stage\" target=\"_blank\" rel=\"noopener\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Get 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data-style-width=\"100%\" data-theme=\"dark\" data-token=\"6307e816-53aa-4589-828c-b174e8417264\">\n <a href=\"https:\/\/www.trustpilot.com\/review\/swoopfunding.com\" target=\"_blank\" rel=\"noopener\">Trustpilot<\/a>\n <\/div>\n \n<\/div>\n\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"author":26,"featured_media":0,"parent":0,"template":"","business-sectors":[331],"class_list":["post-25855","sectors","type-sectors","status-publish","hentry","business-sectors-business-loans"],"acf":[],"featured_image_urls_v2":{"full":"","thumbnail":"","medium":"","medium_large":"","large":"","1536x1536":"","2048x2048":"","image_blog":"","image_blog_full":"","image_podcast":"","image_banking":"","image_blog_internal":"","image_blog_medium":"","image_single_banking":""},"post_excerpt_stackable_v2":"<p>Care home finance Like most advanced economies, Canada has an ageing population, with more than 7 million people beyond the age of 65, and near 1 million over 85. Get a quote As people get older, they need more assistance to carry out basic activities, and many require the kind of full-time attention that only a care home can provide. This potent mix of ageing citizens and booming demand has seen the Canadian care home industry mushroom, with revenues reaching $11billion in 2021.\u00a0Clearly, buying a care home or expanding an existing care facility can make good financial sense. However, instead&hellip;<\/p>\n","category_list_v2":"","author_info_v2":{"name":"Chris Godfrey","url":"https:\/\/swoopfunding.com\/ca\/author\/chris-godfrey\/"},"comments_num_v2":"0 comments","_links":{"self":[{"href":"https:\/\/swoopfunding.com\/ca\/wp-json\/wp\/v2\/sectors\/25855","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/swoopfunding.com\/ca\/wp-json\/wp\/v2\/sectors"}],"about":[{"href":"https:\/\/swoopfunding.com\/ca\/wp-json\/wp\/v2\/types\/sectors"}],"author":[{"embeddable":true,"href":"https:\/\/swoopfunding.com\/ca\/wp-json\/wp\/v2\/users\/26"}],"version-history":[{"count":17,"href":"https:\/\/swoopfunding.com\/ca\/wp-json\/wp\/v2\/sectors\/25855\/revisions"}],"predecessor-version":[{"id":41469,"href":"https:\/\/swoopfunding.com\/ca\/wp-json\/wp\/v2\/sectors\/25855\/revisions\/41469"}],"wp:attachment":[{"href":"https:\/\/swoopfunding.com\/ca\/wp-json\/wp\/v2\/media?parent=25855"}],"wp:term":[{"taxonomy":"business-sectors","embeddable":true,"href":"https:\/\/swoopfunding.com\/ca\/wp-json\/wp\/v2\/business-sectors?post=25855"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}