Dental Practice Finance
The finance you need to grow your Dental 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 cost
- Cover all types of assets
There are limits on the number of patients that you can treat. You only have one pair of hands, and there are only so many hours in the working week - and the best dental work demands time.
You need to grow your practice. Taking on a junior partner, and bringing in support staff may mean extending your premises, and bringing in additional equipment. But how can you find the funding to make the necessary investment?
At Rangewell, we help dental professionals across the country find the answers they need.
A Commercial Mortgage
Expanding or relocating, premises will be a major cost, but buying with a Commercial Mortgage may cut costs compared with leasing. 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.
Using a Goodwill Loan
It may not be simple to withdraw money from your practice without reducing your working capital and causing problems with cash flow. 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 recognise your professional status with very competitive rates.
Asset Finance can be the most effective way get the equipment you need. Setting up a second chair will mean providing a long list of equipment for your junior. Asset Finance can spread the costs and 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.
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.
A Business Loan could provide solutions for many types of growth plans, including providing funding for a junior partner while you grow your practice.
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% 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 practice expansion programme
Help arrange jigsaw funding for every stage of an practice expansion programme
Your growth plans 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 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.
Meet real dentists who we have helped
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 maybe 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 there?
Why you must find the right lender to cut costs
The downsides of borrowing
What paperwork will you need?
Guarantees and security
Key Terms to check
A long-term commitmentA funding package will mean a long-term commitment, with ongoing monthly repayments.
You may need to repay if you sellIf you sell your business, you will need to repay your funding.
A personal liabilityLoans will be secured on your existing practice, but you may be personally responsible for their repayment.
Our service is...
ImpartialTransparent and independent, treating all lenders equally, finding the best deals.
In-depthEvery type of finance for every type of business from the entire market - over 300 lenders.
In-personSpecialist Finance Experts support you every step of the way.
FreeWe make no charge of any kind when we help you find the loan you need.