Medical professionals have a wide range of financial needs and requirements. On a commercial basis though they usually fit one of these transactions:
- Buying a medical practice
- Starting a medical practice
- Freehold purchase
- Medical equipment financing
Medical practice loans are typically organised via banks and other specialist lenders to financially support medical professionals with achieving their business goals and assist with running their business smoothly.
- Feel reassured you are getting the best rate – work with specialist finance broker Kevin, who is well connected with medical finance lenders and knows the application process inside and out.
Assisting with the set up, purchase and expansion of healthcare businesses is what we do. Contact Kevin, for an initial conversation to explore your options.
Buying a medical practice
Medical practice acquisition is often the preferred choice for medical professionals as they can “buy out” or “buy in” to an established business with a proven track record.
1) Finding the right practice for you. Maybe you are already working there and the opportunity to buy a share or the entire practice is on your doorstep. This is a frequent scenario.
2) Obtaining financial information. Assess the financial details for the last three years and a practice valuation, if available, to ensure viable continuation of the business and further opportunities for growth.
3) Preparing a financial forecast. To factor in new circumstances a financial forecast is essential to demonstrate profitability in the next one to five years.
4) Researching medical practice finance. There are lots of options available when buying a medical practice. Just ensure you are getting the best deal by working with a professional, specialist finance broker who understands the medical market.
- Saroma Limited is experienced in transactions for medical professionals
5) Agreeing the details. Negotiations require agreeing details such as the price, terms and timeframes.
Starting a medical practice
Many medical professionals, particularly those with more experience, opt to start from squat, setting up a medical practice by leasing or buying a freehold property to trade from.
Starting a medical practice requires a little more work around forecasting and forward planning as most applications for start up business loans require some evidence of projected profitability in the first one to five years.
Freehold purchase
A common transaction for medical professionals is to obtain a commercial mortgage to purchase or re-negotiate the terms of a property investment.
A large proportion of medical practices are run from buildings that either the medical business owns or the doctor or doctors owns personally.
There is subsequently a wide range of options available when it comes to purchasing freehold property and the finance requirement.
Medical equipment financing
As an established or a new practice, the purchase of updated medical equipment for the surgery is inevitable throughout the course of business.
If you want to spread the costs of these, often expensive, items then medical equipment financing is an option for you.
Specialist lenders are able to arrange bespoke finance for medical professionals with low rates of interest.