Funding deal enables GPs to develop super surgery

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A £6.5 MILLION development loan brokered by Sterling Capital Reserve and provided by Lloyds Bank has funded the construction of a 'Super Surgery' in Wilford Lane.

Around 30,000 patients are registered at Ludlow Hill Surgery, Southview Surgery, Trent Bridge Medical Practice, and Compton Acres Medical Centre – which will merge – and Musters Medical Practice, which will operate as a separate practice within the new centre.

Lloyds Bank initially provided a £250,000 pre-commencement loan facility to the senior partners of the GP consortium to support the costs of getting the project off the ground.

The final lending proposal was shaped by Sterling Capital Reserve through Steve Divall and Lloyds Healthcare Banking Team, with input from Lloyds' Financial Markets specialists through Jon Saltinstall.

Lloyds then agreed a 100 per cent £6.5 million development loan to fund the project with 25-year term finance to follow.

Mr Divall said the deal had been a long time in the making.

"We first began work on this project back in 2011," he said.

"It is a very complex deal with a lot of sensitive issues to consider and challenges to negotiate.

"I've worked with Jon Saltinstall at Lloyds Bank for a number of years on similar deals and I knew that he would be the ideal person to take this to. He and his team have been hugely supportive."

Jon Saltinstall, senior healthcare banking consultant at Lloyds Bank, said: "I knew that Steve had been in discussion with the principals for some time over their long term plans for the merger and relocation of the practices and his background in healthcare finance resonated with our team's experience.

"This has been a fantastic effort from a range of local partners and we are delighted to be able to support Dr Page and the other practices to further enhance their healthcare offering with this fantastic building."

Contractor GF Tomlinson began working on the site last year.

Construction director Nick Banks, said: "This is a hugely important project for the local area.

"G F Tomlinson has a track record of delivering many successful schemes in the healthcare sector.

"We are delighted to be the contractors for this project and to be working with everyone involved to create a state-of-the-art medical practice for the community."

Dr Nick Page of Ludlow Hill Surgery, who is heading the project, said the investment and move was needed to significantly enhance local primary care provision providing facilities for modern integrated community care.

He said: "We have been fortunate to be working with like minded professionals willing to see the long term nature of the project positively.

"It has been an extraordinary team effort from all parties. As local GPs we are committed to the health needs of our patients and this local emphasis has been reflected in the emphasis on East Midlands companies and professionals we are working with."

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