There’ll be a registered fixed and floating charge over the practice. A residential or commercial property that you own as security. SecurityĪs a general rule, you’ll to provide three types of security: It generally takes 5-7 years to become a dentist after which you may decide to work for a clinic for a couple of years before you decide to branch out on your own.Īs long as you have a good business plan in place that shows how you plan to stay profitable, you should be ok.įor example, as part of the business plan, you’ll want to explain how you’re bringing your own referral base into the practice or how the transition process will help you retain existing patients in an existing clinic. There is no general rule around how much experience you need to have but, as a minimum, most lenders require you to be part of the Australian Health Practitioner Regulation Agency (AHPRA). Sometimes banks like to see that you have a relationship with a mentor or a solid transition plan in place with the current operator so they’re confident you’re diving in head first with no safety net. This is particularly the case if you’re buying an existing practice that was mismanaged and you’re now looking to turn the business around. Whether you’re buying an existing practice or starting your own, you’ll generally need to provide an account-certified business plan and cashflow forecasts. This way, the bank can verify total revenue, gross margin and staff wages. The best way to show evidence of this is with the business financials for the past financial year, specifically a business tax return and a profit and loss statement. If you’re buying an existing dental clinic and taking over the current operator, the bank will want to see that the practice has been running successfully. However, there are a few tips to keep in mind when applying. Loan to lower home apr and pocket cash to pay for dental free#
We can give you an indicative funding approval!Ĭall us on 1300 889 743 or fill in our free assessment form to find out if you qualify for dental practice loan.Ĭommercial loans are very flexible when it comes to policy and lenders are willing to work dentists to give them the finance they need for their finance. You need around 3 to 5 years experience as a qualified dentist.
Buying an existing practice: Most recent business financials.
Buying a start-up: Need to provide a business plan with cash flow forecasting.Significant interest rate discounts on offer based on your application strength.Low doc commercial loans are available.Overdraft facility: $100,000 or more depending on applicant strength.Maximum loan term for (leasehold): 15 years or as per the lease agreement.Maximum loan term for (freehold): 25 years.Dental practice business loan: Borrow up to 100% of the business value (leasehold) including fit-out and equipment costs.Dental practice premises: Borrow up to 100% of the property value (freehold).
So what’s on offer and how can you get a piece of the action? How much can I borrow The great news is that banks see dentistry as a strong industry and they’re willing to offer amazing finance deals whether you need a commercial property loan or a business loan. We apologise for the inconvenience.Įver wanted to run your very own dental practice but aren’t sure if the bank will help finance your dream? Note: We are only accepting applications for business loans with a minimum deposit of 50%.
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