OakNorth Bank completes £531K loan to Sincere Homes for new supported living development in the West Midlands

  • The capital will fund the development of a four-bedroomed supported living home in Willenhall, part of the Metropolitan Borough of Walsall;
  • Sincere Homes is a partner with the Midway Care Group, which was founded in 2006 by Matthew Harrison and provides services for people with learning disabilities;
  • Having now developed 15 schemes for Midway Care Group to date, the new Sincere Homes development will support those with mental health issues and learning disabilities;
  • Demand for supported housing from people with a learning disabilities is projected to increase from 38,500 units in 2015 to 59,800 units in 2030[1].

OakNorth Bank – the UK bank for entrepreneurs, by entrepreneurs – has completed an £531K business loan to Sincere Homes, the development arm of Midway Care Group.

The capital will be used to fund the development of a two-storey, four-bedroomed supported living home in Willenhall, part of the Metropolitan Borough of Walsall. The site will focus on supporting people with mental health issues and learning disabilities.

Midway Care Group, which was founded in 2006 by Matthew Harrison provides services for people with learning disabilities who may also have additional needs. Now providing care to patients across 11 care homes and 24 supported living homes in the West Midlands, the Group also provides specialised residential and transitional services to individuals aged between 18 & 65, with learning disabilities and associated needs.

Matthew Harrison, Founder of Midway Care Group, commented on the transaction: “At Midway Care Group, we pride ourselves on our personable way of thinking and doing things, always seeing the person using our services as equal partners in the planning, developing and monitoring of their support and care plans, to ensure it meets their needs and aspirations. This means we put the people we support first, seeing them as the experts from their life experiences, working alongside their families and other professionals to get the best outcome. The development of this new home will help us to further support those most in need, as well as help the country as a whole meet the demand from the growing number of people with mental health issues or learning disabilities. Dale and the OakNorth Bank team operated quickly and transparently, with an entrepreneurial approach that was hugely appreciated during the entire lending process. Moving forward, we plan to continue building our portfolio of sites throughout the West Midlands and we hope to work closely with OakNorth Bank on these future developments.”

Dale Cowdell, Associate Director of Debt Finance at OakNorth Bank added: “With demand for supported housing from people with a learning disability projected to increase from 38,500 units in 2015 to 59,800 units in 2030, it’s clear that the services that Midway Care Group is providing is going to increase in importance. Under Matthew’s extensive experience and strong leadership, the Group has built a well-renowned industry reputation and it comes as no surprise that nearly all their homes have a CQC rating of ‘Good’. With Sincere Homes looking to build upon the 15 schemes they’ve already developed for Midway Care Group to date, we look forward to supporting them in the future.”

ENDS

 Notes to editors

About OakNorth Bank plc

Launched in September 2015 and founded by entrepreneurs, OakNorth Bank provides fast, flexible and accessible debt finance to the UK’s Missing Middle.

Since its launch, the bank has:

  • Lent over £6.5B, directly helping with the creation of 20,300 new homes and 23,700 new jobs across the UK;
  • Raised deposits from c.160,000 savers;
  • Supported several hundred businesses across the UK with the debt finance to pursue their growth ambitions.

It is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. 

Contact

Tom Pavey-Smith, Associate Director – Growth & Communications: tom.pavey-smith@oaknorth.co.uk / press@oaknorth.co.uk / 0791 716 5588

[1] MencapNew research by Mencap shows rise in demand for specialised supported housing

You may also be interested in

OakNorth Bank provides £35.6M loan to Bruntwood SciTech to acquire and redevelop Glasgow’s Met Tower, the city’s new tech and digital hub

Read more

OakNorth Bank, Hilltop Credit Partners, and MCAP Global Finance provide £33M loan to develop 213 new affordable homes in Worcester city centre

Read more

OakNorth Bank completes £40M loan to Zetland Capital to acquire and expand pub portfolio operated by Portobello Starboard

Read more

Subscribe to OakNorth news

Keep up to date with OakNorth's business loan products and other news via email by filling out the below.