OakNorth Bank has provided a bespoke loan to LNT Care Developments (LNT), the developer of purpose-built residential care homes, to facilitate the development of up to eight new sites.
Founded by Lawrence Tomlinson, LNT launched in 1988 and developed its first purpose-built care home in 1991. Since then, the business has developed over £3.2b of real estate assets, including over 200 care homes across the UK, providing more than 12,500 beds to the UK’s ageing population.
Headquartered in Garforth, West Yorkshire, LNT is pioneering a new generation of carbon-zero care homes, with its care home sites already achieving ESG targets that aren’t required until 2030.
The bespoke loan from OakNorth Bank will be used to develop up to eight new carbon-zero care homes at the centre of local communities across the UK. Each site will also include the latest in sustainable technologies, such as geothermal heat pumps, battery technology to maximise stored energy, as well as solar panels and underfloor heating for maximum efficiency and resident comfort.
Matthew Lowe, CEO of LNT, said: “For over 30 years now, LNT’s mission has been to provide every community across the country with a truly great place for their loved ones to live, work and visit. Our latest generation carbon-zero homes are our most ESG-forward yet, achieving BREEAM in-use ‘Outstanding’, and we are constantly reviewing the suitability and use of our designs to suit the evolving needs of residents and operators.
“By 2026, our aim is to have built over 300 homes across the country, with this funding from OakNorth representing a significant contribution towards this ambition. In addition to having significant experience of the care sector, James and the OakNorth team created a bespoke flexible funding package that was designed specifically for our requirements.”
James Espley, director of Debt Finance at OakNorth, said: “LNT is widely regarded by operators as providing homes that enable the very best care quality outcomes. It is this strong industry reputation, coupled with Matthew’s leadership and the hugely talented team around him, that has allowed LNT to become the UK’s primary specialist care home developer.
“Given OakNorth’s own strong ESG credentials, we saw numerous synergies with LNT’s focus on net zero-carbon consumption within their homes. We’re delighted to have been able to support such a well-renowned and established business in the industry and look forward to watching the development of each site over time.”
