Funding your dental practice purchase
The scope on lending for a dental practice purchase has many considerations and variables. As independent advisers we will explore all avenues banks and building societies provide on your behalf, in order to secure the best possible deal that fits with your individual requirements.
STAGE 1 - Review current assets and liabilities
An understanding of the individual’s current financial situation will allow us to ascertain the upper levels the banks will go up to.
STAGE 2 - Finding a dental practice
Prior to even viewing a dental practice, if you have found a particular practice you are interested in, by providing us with the basic details we will profile the practice to a multitude of specialist healthcare banks to see if and see if it is a financially viable proposition for you and them. This will give confidence in not losing a deposit paid to an broker for a practice purchase if the banks will not fund it.
I have found a dental practice I like
STAGE 3 - Supply details and accounts of dental practice found
Once there is a target practice the banks require documentation in order to give a loan in principal. This bundle of documents is paramount in attaining a dental practice loan, MediFinancial will guide and compile this bundle of documents and ensure they are sent to the banks.
STAGE 4 - Create business case package and approach 14 banks for best deal and rates
A full business case detailing the current business and where the business will be under the new owners is created on behalf of the individual by MediFinancial. This is then sent to the banks along with all other documentation required to source the required funding.
STAGE 5 - Review insurances required by banks and put these in place
When a dental practice is purchased, banks will require relevant insurances to be in place on the day of completion. With each case being individual, MediFinancial will review the requirements and generate the relevant cover to suffice the bank’s needs.