Finance to grow your Opticians’ Practice
- Release wealth from your existing practice
- Cost-effective and tax efficient
- Flexible arrangements
- Use for any purpose
- From 2% above base rate
- Up to 25 years terms
- Interest only or capital repayment
- Buy premises or existing business
- Provide equipment
- Hire Purchase from 6%
- Lease with no upfront costs
- Cover all types of assets
With a successful opticians practice, you will soon reach a limit in the number of patients that you can see. There are only so many hours in the working week - and you will not want to compromise care by rushing a consultation.
You need to extend your premises, take on staff and bring in new equipment. But how can you find the funding to make the necessary investment?
At Rangewell, we work with optician businesses across the country. We can help you use your special status to get up to 100% funding when you want to expand your business.
A Commercial Mortgage could support your expansion plans
Expanding or relocating, premises will be a major cost. You may be able to take suitable shop premises on a long-term lease or, alternatively, you might want to consider a Commercial Mortgage. Commercial Mortgages work much like a residential mortgage and can be used to help you buy a surgery or even an existing practice. Some lenders have a minimum loan value of £75,000 or more, but there is no set upper limit.
Commercial property finance is arranged on an individual basis. Rates and terms will be agreed based on your business plans.
Goodwill Loans for opticians
It may not be simple to withdraw money from your optician practice without reducing your working capital and causing problems with cashflow and jeopardise its future. A Goodwill Loan, also known as a Capital Withdrawal Loan or Cash Out, can let you access the value in your business without withdrawing funds from it. It can bring you a sum comparable to your annual turnover, probably in excess of £500,000, with repayment terms of up to 15 years.
Goodwill Loans are particularly suitable for opticians as they recognise your professional status with very competitive rates.
Equipment for opticians
Equipment can be a major investment - an OCT system alone could start at £20,000, with costs that keep on going up with every option. Asset Finance can be the most effective way to get the equipment you need for your shop, consulting room or office – or anywhere else in your practice. Asset Finance covers a range of funding solutions:
Hire Purchase lets you acquire equipment straight away, with a single deposit payment. It then lets you spread the costs in regular monthly instalments over up to 5 years. At the end of this term, you own the asset outright, making it ideal for items which have a high cost and a relatively long life. Your OCT solution could be provided in this way.
Leasing works much like a rental agreement. It lets you use the equipment without having to buy it, with a payment each month to the finance company. For technical equipment which could go out of date, leasing can be ideal, as it can be easy to update when a better model becomes available. Leasing can also include maintenance agreements - meaning that keeping your equipment in perfect condition remains the responsibility of the lender - helping you avoid any unexpected costs.
Leasing may be suitable for items such as keratometers.
Both new and used equipment can be funded with Asset Finance solutions.
Borrowing the funds you need to grow
A business loan could provide solutions for many types of growth plans.
Secured Loans can provide a high level of funding, with rates that can be as low as 2% above base rate, and ten or more years to repay. They are secured because they are supported by security, such as your existing premises or your home, that the lender can take and sell if you became unable to make repayments. This reduces the risk to lenders and allows them to reduce the cost to you. They can have a part to play in expanding your business, and could even be sufficient to acquire smaller premises.
Unsecured business loans are a straightforward way of borrowing and operate much like a personal loan which can be used in any way you wish. They are suitable for smaller sums, up to £250,000, but often far less. The loan is repaid in monthly or quarterly instalments over an agreed term under 5 years. Decisions can be fast, inside a working day with some lenders, but you will need to provide a personal guarantee, meaning that you will become personally liable for the debt if your business was unable to pay.
REAL EXAMPLES OF WHAT WE CAN DO
Help arrange a 100% for an optician, as the basis of an acquisition plan
Find a lender to provide a Commercial Mortgage to acquire premises
Help arrange Asset Finance to equip a consulting room
Help arrange Jigsaw Funding for every stage of an optician’s expansion programme
Find the most effective source of funding to allow an optician to take on a newly qualified ophthalmologist
The growth plans you have for your opticians' practice probably don’t fit a single solution. We can provide Jigsaw Funding - a bespoke package made up of the most appropriate type of business funding for each purpose. So a business might have Jigsaw Funding made up of Asset Funding for equipment, a Secured Loan or Commercial Mortgage to acquire premises, and a cashflow solution based on a Merchant Cash Advance, funded by your card takings. We have found that it can help people ready to make the most of their business, access a higher level of funding that could be provided by a single finance option - and reduce costs.
The finance you need to grow your practice
As a professional optician with your own practice, you may be in a very good position to raise the finance you need when you are ready to consider expansion. Your special status may make it possible to get 100% finance for your plans.
Many lenders will be happy to work with you - but not all will be able to offer the most competitive solutions for your needs.
At Rangewell, we know lenders that offer the most attractive funding solutions. But we don’t stop there. We will work with you to understand your business plans and use our expertise to help find the funding that meets your needs. We can find the most competitive rates for all types of finance, including Professional Loans, Unsecured and Secured Loans, Invoice Finance, Asset Finance, Merchant Cash Advance, Commercial Mortgages, Growth Finance and more.
To find out more about setting up the finance you need to grow your practice and open a second branch simply call us. Our experts are ready to help.
Helping you build your profits
Funding tailored to your needsFunding can be drawn together from several sources and tailored to your needs.
Funding that recognises your statusAs a professional practice owner, you may be able to enjoy preferential rates for borrowing.
No need for extra security with Goodwill LoansGoodwill Loans are secured on the future performance of your practice - there is no need to put your assets or possessions at risk.
Ensuring you have the equipment you needAsset Finance can help you ensure you can equip your new practice to the standards you want, and spread the cost.
Early repayment optionsSome loan providers will accept early repayments, reducing the total cost of your borrowing.
Cutting borrowing costsAt Rangewell we search the entire UK lending market to find the most appropriate solutions for your funding needs, helping you reduce the costs of your expansion plans.
Download Rangewell’s free and detailed guide to business lending
What kinds of business funding are available and which lenders are experienced at providing finance to the opticians sector?
- How can they provide extra funds for you - without reducing funds available for your business?
- Why you must find the right lender to cut costs
- The downsides of borrowing
- Guarantees and security
How important is it to choose a lender that is authorised and regulated by the financial conduct authority?
Find business finance packages for any purpose for optician practices, including to help with cash flow, working capital finance, premises funding or even equipment finance
Is business finance limited to companies based in the UK only?
Will it be hard work to apply for finance? What paperwork you will need to submit with your application
Key financial terms explained, such as credit lines, Asset Finance, Merchant Cash Advance and terms.
An additional commitmentBorrowing may be a long-term commitment, with ongoing monthly repayments which will affect your cashflow.
You may need to repayIf you sell your business, you may need to repay your borrowing.
Borrowing may be a personal liabilityLending will be secured on your practice, but you may be personally responsible for repayment with some types of loan.
Our service is...
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In-depthEvery type of finance for every type of business from the entire market - over 300 lenders.
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FreeWe make no charge of any kind when we help you find the loan you need.