Urgent Short Term Finance to Buy a Medical or Dental Practice
Settle the practice purchase on time, then refinance with a bank once the practice is yours
Experts in strategic, short-term finance
A practice sale has a settlement date in the contract, often set around a retiring principal or the end of a lease. When a bank's health-sector team needs more time than that allows, settlement can follow within 24 hours of a signed letter of offer.
We fund GPs, dentists, specialists, and allied health and cosmetic practitioners buying practices, medical centres and the premises they operate from. The money can pay for goodwill, a fit-out and equipment.
Why banks take time with practice purchases
- •Much of the price is goodwill, which the bank assesses from the practice's trading figures
- •Medical centres are specialised property, often valued by specialist valuers
- •The bank wants the practice's trading history and the buyer's billing history
- •The bank wants the lease assignment and the landlord's consent in place before it lends
When practitioners call us
- •The contract with a retiring principal has a fixed settlement date
- •You are buying out a partner's share of the practice
- •The landlord is selling the medical centre your practice leases
- •A new location needs a fit-out before it can open
- •The bank will lend only part of the price, and the balance is due at settlement
Opening at a new location
Services Australia says a practitioner needs an additional provider number to work at a new practice location. Allow time for that application alongside the fit-out and the settlement, so the provider number application is not the last step before opening.
Funding a practice purchase
First call. Send the sale contract and the settlement date. Indicative terms are usually back within hours.
Property valuation. We value the property securing the loan, usually within a day or two.
Offer. The letter of offer sets out the rate, fees and conditions for you to sign.
Settlement. Funds are paid at settlement, which can be within 24 hours of signing.
What to send with a practice enquiry
- •The sale contract or heads of agreement
- •The lease, or the contract for the premises
- •Your registration and practice details
- •The property you can offer
- •Your plan for long-term finance
Our loans for a practice purchase
- •First mortgage: over the medical centre freehold, or a property you own
- •Second mortgage: behind your existing bank loan, which can avoid break costs
- •Bridging loans: so you can buy the new site first and sell the old one after
- •Secured business loans: a lump sum for a fit-out and equipment
- •ATO tax debt loans: where the practice also has an ATO debt to clear
Rates and terms for practitioners
| Loan feature | Detail |
|---|---|
| Loan size | $250,000 to $10,000,000 |
| Interest rate | From 9.7% p.a. on a first mortgage, from 11.95% p.a. on a second mortgage |
| Term | 1 to 24 months, interest only |
| Maximum LVR | 70% of the property value, or of the lower of value and price on a purchase |
| Security | A first or second mortgage over residential, commercial or industrial property |
| Settlement | From 24 hours |
Refinancing once the practice is yours
Practitioners usually repay us with bank finance once the purchase has settled and the bank has the trading history it needs. Some sell another property instead. We set the term to allow for the bank's review of your first months of trading.
A practice loan we funded
“Practice purchases are usually tied to a principal's retirement date in the contract. The bank wants the trading history and a specialist valuation, and both take time. Our loan does not wait on either, so the practitioner has the funds ready for settlement and refinances once the bank has what it needs. Send us the contract and the settlement date, and we will tell you the same day what we can do.”
Gino Tabila
Associate Director
Frequently Asked Questions
Get an indicative offer within hours, not weeks.
No credit check. No obligation.
Why Secured Lending?
Are you a broker? Find out why brokers love working with us.
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Get an indicative offer within hours, not weeks.
No credit check. No obligation.
Why Secured Lending?
Are you a broker? Find out why brokers love working with us.
Other Urgent Loans We Fund
Each page covers one deadline: what we fund, what to send us and how quickly we can settle.