Introducing the Challenge
Earlier this year, I was introduced to a dentist looking to secure financing for a dental practice purchase. At the time, they didn’t have a specific practice in mind but knew they needed a healthcare finance broker who could guide them through the process of applying for a loan.
During our conversations, we uncovered a crucial detail: their existing practice was financed through Wesleyan Bank, a lender that has since withdrawn from the market. Unfortunately, they were on a high-interest rate with Wesleyan. I suggested that once they found a new practice, we also explore refinancing their existing one. The goal? To save them a significant amount of money by securing a lower interest rate.
Finding the New Practice and Financing the Existing
Searching for a New Dental Practice
A few weeks later, the dentist found the perfect practice to purchase. After reviewing the practice’s accounts and understanding the client’s specific needs, I presented the deal to several lenders to gauge the initial terms we could secure. We were not only seeking financing for the new dental practice purchase but also a refinance of the existing practice.
Evaluating Lender Options
I quickly secured indicative terms that exceeded my client’s expectations. We had a few options on the table, but Lloyds Bank emerged as the frontrunner. We have a strong relationship with Lloyds’ specialist healthcare team, and they provided terms that gave the client the confidence to make an offer on the new dental practice. As a result, after some negotiation, the offer was accepted, and it was time to get the financing wheels in motion.
Securing Financing: The Process
Super-fast process for Dental Practice finance
Thanks to my contact at Lloyds Bank, we quickly turned around the deal. In just a few days, we secured an offer, subject to a satisfactory valuation of the practices.
Valuations all good. Green light for the practice purchase!
Last week, the valuation reports came back, and everything was in order. This means the financing for both the new dental practice purchase and the refinance of the existing practice are now at full offer stage. Everyone’s happy!
Conclusion and Client Satisfaction
The Benefits of Lower Interest Rates
By securing a better rate and refinancing the existing practice, the client will save a significant amount of money moving forward.
Client’s Positive Feedback and Next Steps
The client is ecstatic with the results, and we’re excited to see their new practice succeed.
