The Challenge

Despite the challenges brought on by the COVID-19 pandemic, Waverstone LLP, the jointly owned entity between Waverley Investments Limited and McCarthy & Stone Extra Care Living Limited, saw an opportunity to further expand its portfolio of retirement apartments across the UK. The team was therefore looking for funding to support this ambitious growth strategy.

Opportunity & Outcomes

We provided Waverstone LLP with a £15M loan, enabling the purchase of 135 retirement units, including 41 show flats and sales offices in England and 94 finished apartments and apartments under construction in Scotland. Frank Devoy, CEO of Waverley Investments Limited and Chairman of Waverstone LLP, appreciated the speed at which we worked and the willingness to support a sector which other lenders had retrenched from, stating that, “closing this transaction in this environment was a testament to the skill and flexibility of our partners at McCarthy and Stone, OakNorth Bank and Link Asset Services.”