Loans that fall into the special, ‘unsecured medical business category’, are typically in the region of £10,000 to £100,000 and funds can be made available through prime lenders quickly and with a minimum of paperwork.
Loans are then paid directly to self-employed medical professionals, associates, joint partnerships, LLP’s or Limited Companies.
Rates and terms are usually on a fixed term basis, highly competitive and flexible, with typical borrowing periods of between 2-5 years.
The personal guarantees of clinical directors are usually a standard condition of a typical unsecured loan, and this also applies to dental and veterinary businesses that may have recently incorporated.
Unsecured practice loans are most commonly needed for general practice refurbishments, building work, decorating, plumbing, flooring, goodwill purchase, marketing costs, post-graduate courses, computers and electrics, lead-lining protection in X-ray rooms, and the provision of new furnishings, sundry equipment, implant kits and consumables.
Shorter-term loans for personal tax bills and planning are also available.
Unsecured loans are a great borrowing tool and can be used to cover those goods and services that are not classed as an ‘asset’ and therefore cannot be included within a Leasing or HP contract.
With new and dynamic lenders now entering the medical market, experienced brokers are able to offer higher value unsecured loans and secured mortgages for practice purchase, larger goodwill buy-ins and other business related purposes.