Funding for vets to buy a competitor
GET A PERSONALISED QUOTE
- 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
- Unsecured lending from from 6%
- Up to 5 years to repay
- Secured lending from 2% above base rate
- Long repayment terms
If you are a vet running a successful practice, your next step could be to acquire a competitor
Buying a competitor - perhaps from a vet who is retiring - and going from a single branch to a practice serving a wide area could be a giving you a ready-made extension to your veterinary practice, with a long list of new clients.
It means new challenges, scope for your good ideas and further development - and a need for a high level of funding. At Rangewell, we know the solutions which can help you find the funding you need.
Goodwill Loans - releasing the value of your practice
A Goodwill Loan, also known as a Capital Withdrawal Loan or Cash Out, uses the goodwill built up in your existing veterinary practice as security. It can bring you a sum comparable to your annual turnover, with repayment terms of up to 15 years. Goodwill Loans for vets could be a cost-effective way to use the wealth built up in your practice to fund your development plans, while leaving the funds in your business bank account untouched.
Remortgaging - releasing the value in your premises
Remortgaging the premises your veterinary practice currently operates from could provide the level of funding you need to buy a competitor - and you may not even need to have paid off your existing mortgage. Commercial Mortgages work much like a residential mortgage, and can provide large-scale funding at competitive rates. By letting you spread repayments over up to 20 years they make a high level of finance affordable.
Commercial loans - versatile solutions
There are two types of commercial loan - Secured and Unsecured.
Secured Loans can provide a high level of funding but must be supported by security, such as your home, that the lender would take and sell if you became unable to make repayments. Secured Loans can possess rates as low as 2% above base rate, and give you ten or more years to repay them.
Unsecured business loans are a more straightforward way of borrowing, and operate much like a personal loan which can be used in any way you wish. The loan is most commonly repaid in monthly or quarterly instalments and over an agreed term (usually under 5 years). Decisions can be fast 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.
‘Jigsaw’ Finance - finance planned around your needs
Acquiring a competitor's practice may actually mean a range of funding needs that cannot be answered with just one single funding solution. We can provide Jigsaw Funding - a package made up of the most appropriate type of funding for each requirement and tailored to your veterinary practice purchase plans. For example, you could combine veterinary practice refurbishment with other types of funding for vets. If you are ready to make a major business purchase - like buying a competitor - it will let you access a higher level of funding that simply could not be provided by one single finance option - and reduce your costs at the same time.
REAL EXAMPLES OF WHAT WE CAN DO
Help arrange a 100% loan for a vet, as the basis of an acquisition plan
Find a lender to provide a Commercial Mortgage to acquire a business
Help arrange Jigsaw Funding for every stage of a practice acquisition
Work with a vet to find the most effective source of funding
The finance you need to buy a competitor
To find out more about setting up the finance you need to buy a competitor simply call us. Our experts are ready to help.
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Our goal is very simple - to help businesses find the right type of finance as quickly, transparently and painlessly as possible.Find Funding
Helping you build your profits
The funding you need - tailored to your needsFunding can be drawn together from several sources and tailored to your needs.
Funding that recognises your status as a veterinary professionalAs a professional practice owner, you may actually 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 - so there is no need to put your assets or possessions at risk.
Covering all of your costs with Jigsaw FundingWe can help you arrange bespoke funding which is tailored around your needs.
Enjoy early repayment optionsSome loan providers will accept early repayments, which will actually reducing the total cost of your borrowing.
Cutting borrowing costsAt Rangewell, we search the entire UK lending market to find the most appropriate and cost-effective solutions for your practice's needs, helping you reduce the costs of your expansion plans.
Download Rangewell’s free and detailed guide to business lending for Veterinary Practices
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Finding the right finance package for any purpose from a wide range of financing options - whether it's cash flow support, equipment needs, tax bills, buying your site, buying a second site, working capital boosts or growth
How to apply for finance for your veterinary business - what paperwork will you need to present?
Is it important to choose a provider who is authorised and regulated by the financial conduct authority?
What is the difference between long- and short-term veterinary finance?
Get the financial assistance your practice needs for any kind of funding problem
Are practices only eligible for business finance in the UK - Northern Ireland, Scotland, England and Wales?
Download this free resource now and find out how to get the financial support you need for your veterinary practice
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.
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