Medifinance is a finance broker that has specialised in working with the Health Professions for decades. Our team includes a number of ex specialist healthcare Bank Managers. In short, we have a unique understanding of and contacts in the finance and health markets. We do understand the rules and how to work with them to the considerable advantage of our clients.
If I run past you a few of the major considerations that we always cover with our clients whenever they are seeking funding, I think you will appreciate what a good finance broker brings to the table. And keep this in mind. A finance broker is not a finance adviser. He or she does not charge a fee for brokerage services provided and earns commission from the funder only when a successful funding arrangement has been concluded.
1. Preparing a plan
If you are going to make a significant investment in your practice and/or you are buying a practice/setting up, then a written plan is essential. Develop this with your team and your advisers, think through carefully what you are looking to achieve and do the costings realistically. Include details of any feasibility studies and market or location evaluations you've conducted, if relevant. We provide our clients with Business Planning templates that are an invaluable aid for this process (see contact details at the end of this article)
2. Going through your plan
Putting it very simply, finance brokers know what the banks want and need to see when they are considering applications for finance. If you approach the situation without adequate preparation, you might receive a favourable response, but the conditions will not be optimal. More likely is that you will be turned down and this could well impact on applications you may make to alternative lenders
3. Your personal property as security
You do need to be very careful and evaluate carefully what you are risking before you even think about doing this. Particularly if your property is leasehold, you can find yourself committed to terms and conditions that have seriously damaging long term implications. We always give this a high priority when we discuss investment projects with our clients, helping to clarify possible pitfalls and potential options
4. On line
One of the problems with completing online applications is that they work to a formula and neither you nor the potential lender may take into account issues that could be important and/or significantly affect any agreement.
5. Interest rates and refinancing
A knowledgeable finance broker offers more flexibility than dealing directly with a lender yourself. For example, a broker can refinance your loan to take advantage of various factors during the loan term. From the very start a broker will always negotiate competitive interest rates but, more importantly, ensure that there are no unpleasant surprises lurking in the small print
If you have any immediate or longer-term funding requirements, do please contact me, Ray Cox on 07785 757782 or email This email address is being protected from spambots. You need JavaScript enabled to view it. find us on the web at https://medifinance.co.uk
Same contact details if you would like one of our business templates
