Octopus Real Estate, a leading UK specialist in real estate lending and investment and part of Octopus Investments, has successfully completed a £1.7 million commercial bridge loan. The loan is secured on a 2.19-acre plot of land in Odiham, Hampshire, with planning permission for a 60-bedroom care home.

The planning also includes consent for the construction of 30 residential properties on the adjoining land, contributing to the local housing supply, including 14 affordable homes.

The borrower for this loan is part of the Aspire Group, marking their twelfth collaboration with Octopus. The loan has been redeemed following the sale of the care home site to Barchester Healthcare, an independent care provider that operates over 250 care homes and seven registered hospitals across the UK. The contracts for the sale were exchanged in June.

James Nunn, Commercial Fund Manager at Octopus Real Estate, expressed satisfaction with the deal, highlighting Octopus’s unique position as both an investor in care homes and a lender. He emphasized the company’s ability to provide fast, tailored financing for developments that positively impact local communities and help address the housing crisis.

Michael Lucas, Managing Director of the Aspire Group, praised Octopus’s professionalism and understanding of their ambitions for the site. He noted the significant demand for care homes in the area and expressed pride in contributing vital beds for the elderly community.

Julian Burgess, Land Buyer at Barchester, expressed delight in the project, emphasizing the state-of-the-art care home’s potential to meet the substantial need for care beds in the region.

In addition to this project, Octopus has recently completed another loan to assist the Aspire Group with the acquisition of a site in West Malling, Kent. This site, a former office building, has planning consent for a 78-bedroom care home, further extending Octopus’s commitment to supporting care home development across the UK.