Practice Loan Case Studies

Practice Development

On 1st September we received an application from a two partner firm of chartered accountants who had been established 18 months. They required a loan of £25,000 to enable the recruitment of two fee earners. They wanted to encompass the total cost of the recruitment to include new computers, telephones, furniture, training and advertising. On the 7th September £25,000 was telegraphically transferred to their practice account having been approved, documents signed, returned and processed in a week.

Aged Debt

On 29th July we received an application from a Barrister who wanted to fund his aged debt. The value at that time was £40,000 and we were able to forward a fixed term fixed rate loan of £30,000 on a five year term at a very competitive rate. All we required was a copy of the aged debt list, a completed application form and one week later the funds were on their way.

Practice Acquisition

Arranging finance is only one small part of a practice acquisition. It is not irregular for many customers to contact us regarding the purchase of the same practice. In June of this year that situation arose with a dental practice in London. We arranged finance for two parties to purchase the same practice and in October the acquisition proceeded with one of them. We arranged for both parties to have confirmation that they were in funds so that they were able to negotiate in confidence with the vendor. Upon completion the successful purchaser simply signed the documentation and returned it to us, two days later we sent the monies to him and he was able to purchase a new practice.

Partnership Buyout

A three partner firm of accountants applied for £50,000 so that they could re-pay the capital account of the retiring senior partner. The acceptance came back within twenty four hours and the documents were despatched straight away. The partners were pleased with the service because it meant that they could spread the cost over a five year period to reduce the impact upon cash-flow.

Equipment Purchase

We were asked by an existing customer to raise some funding for some specialist equipment for his surgery. We advised that on this occasion a finance lease was the best avenue to take. We took all of the hassle out of the transaction by having direct contact with the supplier. The customer had to do nothing more than to choose the equipment and then sign the relevant documentation that we presented, the rest was taken care of by our in house specialists.