The deal is the principal lender’s first in Scotland and its third in the care home and retirement living market so far this year.
It is claimed that the funding will enable Simply UK to become the largest care home developer in Scotland.
Simply UK will use an initial £7.5m tranche to fund the development of a new 74-bed care home in the Bridge of Weir in Renfrewshire.
The care home developer will also use the loan facility to support its strategy of targeting prime opportunities in England.
- DFT roundtable: Aggressive business plans, development delays and managing expectations
- Fortwell Capital increases debt facility for care home pipeline to £70m
- Fortwell Capital writes £26m of loans for MaccGroup
“Fortwell is delighted to be supporting Simply UK on their growth to becoming Scotland’s largest care home developer as it begins to build its operating arm,” said Arthur Jennings, managing director at Fortwell Capital.
“We have been impressed with Simply UK’s construction and development track record, and its future ambitions.
“The care home sector continues to be a key area of focus for Fortwell Capital, as the UK’s ageing population continues to drive demand for beds in this sector.”
Gary Sharp, managing director at Simply UK, added: “Fortwell has been fully engaged and supportive from our first meeting.
“The team understands the care sector across the UK and has the capital available to make a difference to growing developers.”