How to purchase a veterinary practicePublished on 9th December 2015 2015-12-09T09:36:43+00:00 - Last update on 11th April 2020 2020-04-11T19:55:08+00:00
No veterinary practice is able to operate without a premises – but there are plenty of financing options to help you secure yours. Commercial Mortgages aren’t too different from mortgages on a personal home, and they’re usually the first option vets turn to.
Commercial Mortgages for vets
- When buying a veterinary practice, a Commercial Mortgage is often the best choice. Commercial Mortgages can be used to buy or refinance property, although the former option is the most applicable to veterinary practitioners.
- The lending institution you approach when looking to buy a practice will advance a certain percentage of the property’s value, which will be repaid monthly, along with interest.
- Interest rates are calculated based on a variety of factors, including the business’ size, profitability, and credit score, as well as the size of their deposit.
- Commercial Mortgage terms can range from as little as three years to as much as thirty, although most veterinarians aim to complete their purchase within ten to fifteen years.
To find out more about the funding options available to vet practices, contact our funding experts who can support you.
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