Cynergy Bank has provided a £2 million Coronavirus Business Interruption Loan to the Rhencullen Care Group, which owns and operates three care homes in Norfolk and provides residential and specialist dementia care for older people.
The loan helped Rhencullen Care Group refinance its existing debt held with another provider and acquire the freehold of Belvoir House, a converted Victorian property, situated in the village of Brundall in Norfolk.
The government guarantee is for six years and Cynergy Bank structured the loan on flexible terms with the first-year interest and fee-free, before the loan reverts to a 24-year capital and interest repayment profile.
Rhencullen Care Group stated that the loan has provided a significant cost saving to the company and funding to support further capital expenditure plans.
Rhencullen Group was advised by Hansell Solicitors. Cynergy Bank was advised by Fieldfisher, Knight Frank and introducer Christie Finance.
Date published: July 29, 2021