The six steps
We look on the journey to successful purchase as a series of steps...
Step 1: getting in touch
The process begins with your call to CC Finance.
Whether you have a specific home to discuss or you simply want to know more about the sector, please do give us a ring for a chat
From an initial telephone conversation we’ll be able to cover all of the basic information you need to begin your business search. By the end of your call to us, you will know:
- Your purchasing power
- The information you will need to provide us with in the future
- Likely terms and conditions
- All the associated costs of purchase.
We will also run through the completion process for the Commission for Social Care Inspection application pack, known as CSCI (pronounced 'cee sky')
You can find more information about this on our Regulatory Authorities page.
Step 2: finding your property
During your journey you may discover a number of properties that are of interest to you, and we are happy to discuss the financial merits of each. The final decision, of course, is your own.
Once you have settled on a home you want to proceed with, what next?
Step 3: Securing the right finance with the right lender
Firstly, if we have not done so already, we will run through the finances and detail to you the facility that we feel best suits your needs.
Selecting a lending bank is not just about who will lend you the most money and at the cheapest rate.
The care sector is one where it is normal to expect growth and we want you to be part of that growth pattern, so it is important we select a lender with not only have the appetite now but also an expectation in respect to the future. This is an essential factor in our decision making process.
In fact, the refinance market only exists because either there has been market change, or the original lender was a poor choice of partner at the onset. At the time we recommend you to a lender, we expect that lender to be able to respond to your needs throughout your involvement in the care sector.
Whilst the selling agents are acting for the vendor, it is important that they are assured at the beginning of the transaction that you are financially able to proceed. Choosing to work with CC Finance means we can provide this assurance. Just as importantly, as the purchase progresses we will keep the agents up to date, so they in turn can keep their client happy with a positive flow of information.
Step 4: Arranging the valuation
Next we instruct the appropriate valuer, ensuring that they are fully aware of all your plans for the home. The valuers we instruct will be acceptable to all our lending sources, and a standard report will take approximately ten days following the day of the actual visit until it is available for us to present to the lender.
By the time we receive the finished report you should have completed most of the CSCI application and will soon be able to sit back and let the registration process take care of itself.
Step 5: Meeting the bank
Having received the valuation the bank will be keen to meet with you.
The core of our work has been done in terms of securing the finance, but now we need to put you together with the bank. The meeting is arranged on the basis of a willing borrower and a willing lender. On a straightforward application the meeting is just a mutual “getting to know you” exercise. On more complex applications the meeting will be the platform to resolve any issues there may be. Whatever the case, we expect your financial relationship to be a long and satisfying one - so it is important that you are happy to commit to our selected lender.
After the meeting a full and detailed report will be submitted to the relevant bank credit panel and, once approved, all the formal offer documentation will be forwarded to us for our approval.
When we have approved the terms we will detail them to you in an offer transcript and request that you forward to us the lender’s commitment fee. Once received, this will allow us to release the formal offers to you for your acceptance.
Step 6: collecting the keys to your new Care Home business
Once the offer is signed and returned to the bank, we continue to work with you and your solicitor to ensure that any conditions within the offer are satisfied well ahead of the completion date.
CC Finance will remain at your service until you collect the keys and get started with your new business, providing ultimate peace of mind, with a friendly expert in your corner.
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