Buying a dental practice is a big financial decision so getting the right financial advice is crucial from the very start. We recently spoke to David Brewer, managing director of FTA Finance, to find out more about why it’s important you work with an independent broker and how he and the team at FTA Finance are supporting prospective practice owners, in particular first-time buyers….
David explains, “Our team has a wealth of experience and knowledge in supporting first-time buyers secure competitive and flexible terms and as we are independent, we are free of any ties to lenders. This means we will always look for the best funding package for our clients and take a whole of market view. We also have access to a wider range of funding options than an individual borrower would be able to secure by approaching a bank direct, so this allows our clients to get the right deal that suits them best.”
“2024 is also looking good for those looking to buy a dental practice. The banks continue to view dentistry in a positive manner particularly first-time buyers looking to step on to the ownership ladder. This means that for all new buyers, it is important you get it right from the very start.”
“My advice to those looking to buy next year is to carefully consider if a practice you have set your sights on is a viable acquisition. That’s where the expertise of a commercial broker like FTA Finance really comes into play. Most practices are ‘fundable’, if the right lender is approached, although key for any potential buyer is to ensure they plan and prepare in advance to present the bank with as comprehensive a proposal as possible.”
“Our team will prepare all the business plans and proposals for you that reflect both you and the practice in the best possible light. We clearly outline how the practice will be run and demonstrate that it is (or will be) profitable in the long term under your ownership. We know from experience that this approach helps to ensure a positive lending response.”
“If you’re a first-time buyer, my advice would be to talk to an independent broker as early as possible – and definitely before you approach a bank directly (even if you have banked with them for years!). The banks are all different, and they all offer different lending/credit criteria, so it’s vital the right one is approached.”
“At FTA Finance we have extensive experience in working with first time buyers. In the last 12 months alone, we have submitted 175 funding proposals for first-time buyers to the banks, of which 95% were successfully approved.”
“And our work doesn’t just stop with the funding proposal. We will also do all the hard work for you such as negotiating on your behalf with the banks and liaising with Accountants, Solicitors, Sales Agent, the bank, the bank valuer and CQC to ensure you achieve your goal of practice ownership.”
If 2024 is your year to step on to the practice ownership ladder, get in touch with the team at FTA Finance as soon as possible for their help and advice – you will be glad you did in the long run once you get the keys to your own practice front door.