Refinancing Restrictive 20-Year GP Loans

By Rose Brown
Content writer
Published: 28 November 2022 | Last update: 30 May 20231 minute read

Historically, GPs in the UK have taken on finance agreements that have come with highly restrictive terms. One well-known lender provided finance for a 20 year loan term, which has become highly restrictive for GPs looking to either raise more finance or plan for their future.

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The right finance at the right time can be life-changing for your business. In some sectors such as healthcare, that funding can also be life-saving. For a recent Rangewell client, a historic loan had enabled them to grow their GP practice and become a stalwart pillar of their community – but the strict 20-year term was beginning to cause problems. 

Not only does a long-term loan agreement limit your ability to change your business goals, it limits your ability to raise further finance and can become a thorn in your side for any plans around your surgery. 

Fortunately, our team is here to help GPs make the most of their finances…

Why was there a problem?

The client had a clear issue that they needed help with: they had accepted a loan around 20 years ago and were locked into it until 2024. The GP wanted to raise finance to fund an expansion but didn’t want to work with their existing provider.

The existing provider’s terms did not end until 2024, meaning the GP would have to pay break costs if they left the agreement. These costs seemed severe and limited the client’s ability to make any future-facing decision due to a reluctance to be hit with them. 

How we were able to help

Rangewell act on your behalf, meaning we’ll approach lenders and negotiate without you having to get involved or risk breaking any contracts or agreements. In this case, we spoke to a number of lenders who were healthcare specialists. 

Once we understood the consensus around issuing new finance to a GP in this situation, we referred specialist accountants and solicitors to calculate the exact cost of breaking free from the agreement before the term ended.

After doing these calculations, we surmised that our client could accept a new credit agreement, provided the lender would absorb the break costs of their existing loan. Thanks to our negotiations and the relationships we have with lenders, we had already identified those who were willing to do so. 

The GP was, therefore, able to refinance to a new facility a full two years earlier than expected. This reduced the overall burden of their debt and helped the practice itself solidify its growth plans and fund the retirement of two existing GPs to welcome in new partners. 

Refinance existing loans with Rangewell 

Whether you’re a GP locked into a restrictive loan specific to the healthcare sector or you’re under any other loan agreement terms that don’t suit you, you can always explore refinancing. With the right team on your side, you can refinance to an agreement that not only meets your needs in terms of rates and repayments, but also delivers further credit to fund growth. 

Choose Rangewell today to discuss your refinancing needs. We’ll help you understand the market and the process, identify the best lenders and negotiate on your behalf. Contact us to learn more. 

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