Funding and Finance for Doctors and GPs
At Sterling Capital Reserve we recognise that the healthcare sector is different, and we are able to source a wide range of innovative and competitive finance and loan packages specifically tailored to the needs of doctors and GPs.
Are you :-
- A recently qualified doctor or GP?
- A doctor or GP wishing to purchase your own practice?
- An established doctors surgery wishing to finance an expansion?
- A doctor or GP looking for finance to build a new surgery or medical centre?
- A doctor or GP looking to buy into a practice?
- A new or established doctors surgery requiring a loan for new equipment?
- A doctors surgery looking for help in paying Inland Revenue arrears?
- A doctors surgery disillusioned with your current financial lender?
Then we would like to hear from you.
Our healthcare division is run by an ex-banker with over 20 years experience working for one of the major specialist healthcare lenders, looking after doctors, GPs and other healthcare professionals just like you.
We have many contacts with the major banks together with specialist niche healthcare lenders, and we know the types of deals that are synonymous with this sector.
For doctors and GPs, we are able to arrange up to 100% funding (often this can include legal fees and internet roll up facility) for:
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You can be confident that we will source the most appropriate funding structure for you.
In the current financial climate, even for working professionals such as doctors and GPs, it is not always possible to find a lender who will be flexible to changing circumstances. We have developed relationships with our lenders to such an extent that the underwriters do their very best to accommodate the most stretching of our customers' requirements.
We have had some notable sucesses obtaining funding and finance for doctors and GPs, a few examples of which are described below. To see more examples, as well as our successes in other areas of the healthcare industry, take a look at our healthcare funding case studies.
Doctor and GP Funding Case Studies
100% Bridging Loan Finance to Purchase Potential GP Surgery Site
We were asked to broker finance for a partnership that desperately needed to move premises.
The proposition was not easy as the partners were looking to purchase a former grade 2 listed building that was larger than they required. Whilst they had verbal PCT backing, they did not have formal approval (although discussions had led the partners to regard this as a formality) or the relative certainty of knowing the future notional rent.
They were under quite tight timescales to acquire the land and buildings and only had indications of development costs. The partners would require other businesses to be part of the development to make it financially viable but they did not, and would not, have committed partners by the time completion was required.
Given the current financial market, lenders we less than keen to become involved in such a significant property development, albeit a medical centre, and all the more so with the lack of concrete information on costs and income.
We were able to work closely with the practice business manager and a series of lenders to obtain bridging finance to purchase the site against what was considered and accepted as reasonable financial projections.
Surgery Development
100% funding was required for: GP surgery premises extension, upgrade, refinance, early repayment penalty and partner buy out, together with a requirement to ensure repayments fell within notional rent.
We worked closely with the partners and lenders to broker finance for a GP partnership where there was a significant change in the make up of the practice due to retirements, new incoming partners/salaried doctors and practice manager. The number of property owning partners also reduced substantially. Finance was required in order to complete a large extension, renovation of the existing premises, refinancing current borrowing including early repayment penalty and buy out of retiring partners and capital withdrawal by existing partners.
Initially the partners had looked for a lender who was prepared to be flexible and offer a choice of fixed and variable interest rates, together with C&I repayment holidays and, if required, would be prepared to split the facility so that each partner could have their "own" loan within the overall facility including a choice of repayment terms. However, in the end the partners decided that they wanted the certainty of fixed costs over the medium term and as such required fixed rates.
Effectively the partners required a 100% LTV loan facility repayable over a 25 year term covering refinance, early repayment penalty, extension costs, partners buy out, all professional and bank costs together with partners' capital withdrawal, with repayments being met within a relatively modest notional rent.
Other partners are due to retire over the next few years and so the deal had to be right to attract potential new partners to replace them.
There are many lenders in the market who would suggest that they are specialist GP surgery lenders and able to offer very flexible packages. In the event only one was able to be imaginative enough to come up with an offer that satisfied all the criteria.
Contact Us
Unlike some of our competitors WE DO NOT CHARGE UPFRONT FEES (although we may make a charge if assistance is required in formulating a business plan). Our brokerage fees are usually only payable when our client has received funding and are in the main generally covered by the lender. Our fees are transparent and will be agreed beforehand.
© 2012 : Sterling Capital Reserve Ltd
Sterling Capital Reserve Ltd
Sterling House, 10 Wheatcroft Business Park, Landmere Lane, Edwalton, Nottingham NG12 4DG
Tel: 0115 984 9800 Fax: 0115 921 5550
ANY PROPERTY USED AS SECURITY, INCLUDING YOUR HOME, MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
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