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Atom bank increases maximum LTV on large commercial mortgages
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Atom has made improvements to its care homes criteria to accept less experienced applicants in the sector. The change has been made to address a gap in the market and support a vital sector which has seen capacity falling. The required criteria include a stressed debt service cover of 145% minimum, a maximum 70% LTV, good/outstanding CQC rated homes and 90% or more average occupancy over the last six months.
A strong, experienced existing management team must also remain in situ post-purchase in order to be considered. “We know the care home sector is facing a range of challenges at the moment. Their services are vitally important to the UK, yet they are drastically underserved by lenders, particularly when it comes to helping much needed new operators enter the market." said Tom Renwick, head of business banking at the lender.
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