We take great pride in supporting new start practices. Supporting the key aspects to enable you to own your own business and seeing it from the application stage to the opening of the doors, is something we really enjoy.
Our dental finance options are designed to assist with ensuring the funds match the need and requirements you have. If you are an associate looking to start up a new business or an established business wanting to upgrade your equipment, then we can help.
Equipment financing is one of the most used methods for purchasing any dental equipment. This is because it enables the practice to keep up with the latest equipment and technologies. Also whilst continuing to operate at a profit. If you are a new start, we would always advise you to speak to an accountant on the best approach for your finances.
When looking to organise the equipment finance for a new dental practice or lab, quite simply, the lenders will seek key information. This is to ensure that the risk to them is minimal and they are comfortable with the lend. Most lenders request the same information. Some may also wish to dig a little deeper on the information provided. It could lead to further questions as the application process progresses. You may be asked for example, “will you continue to be an associate part-time as the new practice grows, if so, for how long?”
There are a few simple things you will need in order to get started as a new start practice. You will need to send over a business plan and a cash flow forecast. As well as a personal net worth, bank statements and any evidence of personal funds being put into the project.
The application will always be looked upon favourably if you are qualified and can evidence your work history. It’s not essential to the application, however, any management experience should also be highlighted for any new start.
It isn’t part of the criteria to be a homeowner now, so if you are in rented housing, the application can still be filled. However, being a UK resident for 3 years is advantageous to most lenders. Additionally, being on the voter’s roll is crucial to credit scores.
If you are in a partnership with a non-dental professional, this can in fact have a detrimental impact on the amount you can borrow.
It isn’t part of the criteria to be a homeowner now for a new start practice. So, if you are in rented housing, the application can still be filled. However, being a UK resident for 3 years is advantageous to most lenders. Additionally, being on the voter’s roll is crucial to credit scores.
If you are in a partnership with a non-dental professional, this can in fact have a detrimental impact on the amount you can borrow.
