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Five reasons why GPs and Dentists may decide to take out commercial loans.

By Wesleyan

Starting up and expanding a surgery can be a costly business for doctors and dentists.

But a range of commercial loans are available to help medical professionals build on their early potential and achieve their goals.

Interest rates and repayments can be tailored to the individual needs of GPs and dentists, depending on the specific requirements of their businesses.

With this in mind, how are these professionals able to use commercial loans?

1. Buying a new practice

While long-term saving can help doctors and dentists to afford a practice of their own, they may need a little extra help to get over the finish line.

Commercial loans could bridge the gap between their savings and the cost of a property, helping professionals to get their plans off the ground.

2. Refurbishing an existing practice

Even long-established surgeries may be in need of financial assistance when it comes to property refurbishments.

Whether they are keen to improve facilities for their patients, respond to new legislation, or simply want to give their premises a fresh look, loan funding could get the ball rolling.

3. Investing in medical equipment

Advances in technology mean GP and dental practices cannot afford to rest on their laurels.

Instead, they need to respond to changing trends by offering their patients the latest equipment, while replacing devices whenever they become faulty or out of date.

4. Keeping pace with admin demands

It is not just medical kit which surgeries may need to invest in, with administrative costs also likely to grow as they expand.

Whether they require a new office computer or advanced record-keeping software, a loan might cover these short-term costs.

5. Equity buy-ins

Instead of going it alone, medical professionals may look to gain a stake in the practice where they already work.

Securing a commercial loan could give them the financial clout to take this step.

Find out more about Wesleyan’s range of loans for GPs and dentists.

Any property given as security which may include your home, may be repossessed if you do not keep up repayments on your loan or other debts secured on it.

Wesleyan Bank Limited subscribes to the Lending Code which is monitored and enforced by the Lending Standards Board. Further details can be found at www.lendingstandardsboard.org.uk.

Copyright Press Association 2015

'WESLEYAN’ is a trading name of the Wesleyan Group of companies.

Wesleyan Assurance Society and Wesleyan Bank Ltd are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Wesleyan Financial Services Ltd, Wesleyan Unit Trust Managers Ltd, Practice Plan Ltd and DPAS Ltd are authorised and regulated by the Financial Conduct Authority.  Advice about investments, insurance and mortgages is provided by Wesleyan Financial Services Ltd.

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