The Challenge

Headquartered in Hampshire, Nine Points Property acquires care homes, residential properties, and commercial buildings, and refurbishes them into care homes for young adults, family assessment centres, and specialist schools. Since its launch four years ago, the business has successfully completed over a dozen projects across the UK, but had a desire to complete a dozen more in a fraction of the time. It was therefore looking for a funding partner to deliver an efficient, bespoke solution, which would enable it to continue growing without having to interrupt development to apply for finance on a project-by-project basis.

Opportunity & Outcomes

We supported Nine Points Property by providing it with a structured finance facility of £10.6M, enabling it to acquire sites and refurbish them, all under one facility. This is something Nine Points greatly appreciated as noted by Director, Simon Morris: “most other lenders would make us take out a facility to acquire the site and then another to refurbish it, which would delay the process and mean we couldn’t grow as quickly as we’d like.” Now, with the capital from OakNorth Bank, Nine Points Property is equipped to complete another 12 projects over the next 12 months – a quarter of the time as it took previously.