Highpoint Senior Living is an experienced property investor based in Southeast England. In October 2022, Hodge completed on 11 retirement flats, following the purchases funded on short term facilities. All the flats had undergone a full refurbishment to transform them into bright, modern living accommodation for those over 60.
The flats are mainly located in town centre blocks and originally built in the 90s and 00s. The investor’s main business plan is to source appropriately located flats, that are tired and in need of refurbishment and modernisation. Post refurbishment, these are now clean, modern and secure retirement rental accommodation for those over 60.
Following this successful funding, Mike Taylor, CEO of Highpoint Senior Living, returned to Hodge for further investment for an additional 11 flats. A similar exercise, whereby the investor sourced tired flats in need of modernising. As an existing client, the funding was quickly approved and Hodge worked with Mike diligently through the valuation and legal process, even increasing the approved facility level on receipt of a better-than-expected valuation report.
With Hodge, the client knew they could use the increased property value to replenish costs and re-finance short-term borrowing facilities, providing release of equity to purchase the next tranche of flats, to continue growing their portfolio.
Hodge’s BDMs build strong relationships with their clients to ensure they fully understand their requirements. The team can then fully support them through the application process and, as in this case, when returning for further borrowing.
Andy Buss, senior business development manager at Hodge said: “It was a pleasure working with Mike. I picked up the first application post approval and worked together with Mike through the legal process.
“Meeting Mike and viewing a couple of the properties was extremely helpful in understanding his company’s business model and was fundamental in building a good relationship. When Mike returned to Hodge for a second borrowing request, I was keen to assist. The legal process often throws up unexpected queries, however we were able to work together and resolve any unforeseen challenges that were presented before us.”
Mike Taylor, CEO of Highpoint Senior Living, said: “The first funding round completed with Hodge in October 2022 unlocked substantial growth opportunities for Highpoint Senior Living and having built a strong relationship, Hodge was the obvious choice when further investment was needed.
“Retirement rental accommodation is a hugely underserved market in the UK, and most lenders don’t understand the product. Hodge took a commercial approach and quickly recognised the potential of the opportunity and the need for high quality, secure and affordable rental accommodation for older people. Andy’s hands on approach ensured a smooth execution that met the company’s timetable, and the ability to increase the facility size in line with improved valuation has opened further growth opportunities for Highpoint to develop this underutilised sector of the UK property market.”
Hodge have recently approved a third tranche of funding for Highpoint Senior Living that will enable Mike to embark on a further project to provide more high-quality retirement accommodation. Watch this space for more details in the coming months!
To find out more about our investment and longer term finance options including Residential Investment Finance, Commercial Investment Finance and Mixed Use Finance and how the team could support you, take a look at our criteria or contact us at InvestmentFinance@Hodge.co.uk.