Medical Practice Loans | Your guide to medical practice funding
Medical practice funding can be highly beneficial to a variety of practices for several reasons. Many practice owners are taking advantage of additional funding to:
- Expand through buying a practice
- Purchase new equipment
- Pay VAT & Tax bills (VAT where applicable)
- Renovate existing practices
- Increase working capital and cashflow reserves
- Pay NHS dental clawbacks
What types of Medical Practice funding are available?
There is a wide range of funding available for medical practices (GPs, Dental, Veterinary & Ophthalmic) with some more specific than others.
Selecting the correct option can be a daunting task for business owners, or just trying to find out what options are potentially available.
What are your finance options if you are looking to....
Expand your business through buying a new practice?
Acquisition and deposit funding - Find out more
Purchase new equipment?
Asset finance - finance lease, hire purchase (HP) & operating lease - Find out more
Pay VAT and Tax bills?
Income Tax Funding Find out more
Corporation Tax Funding - Find out more
Vat Funding - Find out more
Renovate existing practices
Refurbishment Finance - Find out more
Increase working capital and cashflow reserves
Working Capital and Cashflow Finance - Find out more
Pay NHS Dental Clawbacks
Unsecured Loan Facilities Find out more
Choosing the most suitable product and provider is extremely important.
Things to consider are:
- Are the funding terms right for your business?
- Are the repayments suitable for your business cash flow?
- Is the loan facility the best fit for your practice?
- What kind of terms are available for your business status?
Our finance facilities are available to UK medical practices regardless of whether the practice is private or NHS. Taking professional assistance can be extremely beneficial to practice owners.
Why? Having professional input:
- Helps you the best finance facility for your business
- Saves you time and money
- Gives you access to a wider range of credit lines and facilities
Find out more on the advantages to using a finance broker: Advantages of using a finance broker
Who is Eligible for Medical Practice Finance?
Loan providers (or lenders) will consider a variety of things when assessing your financial status or credit worthiness.
Factors they consider include;
- How long your medical practice has been established
- Financial accounts - profitability, sustainability, trading history
- Financial statements - cash flow and usage of bank facilities
- Existing credit agreements (if any) and how any current debt is being managed
- Company directors/owners/partners personal profiles on some occasions
Underwriters will make decisions on whether your business is provided a financial facility in various ways based on different factors
The criteria linked to Loan Affordability assessments include:
- Finance facility type
- Funding Amount
- Total facility cost
- Financial status
- Applicant(s) personal credit history (in some instances)
- Existing loan agreements
- Whether an applicant is considered vulnerable
Any responsible underwriter will follow responsible lending guidelines when making a decision on whether to advance credit to any individual or business.
Sourcing The Right Finance Solution
There is a vast array of finance facilities available a wide range of lenders in the UK, which makes finding finance time consuming, especially when considering the correct and best facility for the requirement. Each lender has their own specific requirements and likes in order to provide a facility, which also must be taken in to account.
Carrying out multiple finance applications in a short period of time can have a negative effect on your credit file so selecting a lender that is more likely to accept your application based on your financial status and their acceptance criteria is very important.
Pros of Medical Practice Finance
Quick Applications and Decisions (in most cases)
RLA Capital give decisions on finance facilities typically within 48 hours of application and funds being released within 24 hours of all documents being signed. Secured business loans will take longer due to the increased legal documentation that needs to be completed.
Improved Cashflow and Spending Power
The use of finance facilities can be an effective way to increase cashflow and spending power. For more information on your funding options, do not hesitate in contacting us to discuss your finance requirements.