LONDON, Jan. 6, 2011 /PRNewswire/ -- Preston-based care home Arrowsmith Lodge will be able to offer a further 13 beds for the elderly and dementia patients with the help of a new commercial mortgage from Santander Corporate Bank. Experts in personal banking services, from home insurance to travel insurance, Santander's corporate arm successfully extends to commercial residential services.
The facility at Arrowsmith Lodge will help fund an extension for 13 single en suite bedrooms, taking the total places up to 35 and providing much needed extra residential care spaces in the local area. Arrowsmith Lodge run by Mrs Kesavamalar Rajaratnam provides long term residential care.
Mrs Kesavamalar Rajaratnam, Manager, said: "It is a pleasure to be working with Santander and its knowledge of the industry and our business helped with the smooth completion of the deal. This now means we will be able to provide 13 extra beds in the home for the elderly and people suffering with dementia, helping them to live their lives with the support they need. I am looking forward to working with Santander in the future."
Robert Dolan, Relationship Director at Santander's Manchester Corporate Business Centre, said: "We were very pleased to have supported Mrs Rajaratnam with her new mortgage to fund the expansion of her business. Our dedicated relationship approach and experienced team in Manchester has helped us develop an in-depth understanding of the business to find the best possible package for its needs."
Mrs Rajaratnam runs the business, Arrowsmith Rest Homes, with her son Skanda Rajaratnam. They have a second home, Westfield Rest Home, in Blackpool.
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Banco Santander (SAN.MC, STD.N, BNC.LN) is a retail and commercial bank, based in Spain, with presence in 10 main markets. Services include personal banking, insurance and mortgages. At the close of June 2010, Santander was the largest bank in the euro zone by market capitalization and, at the end of 2009, fourth in the world by profit. Founded in 1857, Santander had EUR 1,365 billion in managed funds. Santander has more than 90 million customers, 13,671 branches -- more than any other international bank -- and 170,000 employees. It is the largest financial group in Spain and Latin America, with leading positions in the United Kingdom and Portugal and a broad presence in Europe through its Santander Consumer Finance arm. In the first half of 2010, Santander registered euro 4,445 million in net attributable profit.
In the UK, Santander was formed out of the Abbey, Bradford & Bingley and Alliance & Leicester retail networks. It has over 1300 branches, around 4,500 cash machines and provides a full range of retail and corporate banking services to 25 million customers.
SOURCE Santander UK