A complementary expansion
Considering the expansion of a medical practice, or acquiring an additional practice for a group, is quite a substantial financial investment. Like most businesses wishing to grow, it’s likely that some kind of funding would be required in order to facilitate the expansion or acquisition.
United Trust Bank were recently asked to provide funding for a small private hospital run by a collective of GPs who provide a wide range of general practice and complementary services. Having carried out extensive research they had concluded that an expansion into a different field of complementary medicine would be a very beneficial addition to their current offering.
The expansion would mean employing additional staff, purchasing bespoke equipment and refurbishing part of the existing building to create the right space from which to provide the treatments. Fortunately, loans of this type fit well within the terms of our Professional Lending guidelines.
The partners provided evidence that the practice was well-managed and profitable and not long after we received the proposal from the introducing broker we were able to issue an approval for the full loan amount for the term requested.
Loan amount: £100,000
Term: 36 months