FINANCING A NEW CLINIC
Dr Will Owen* had a successful career working for a variety of health institutions before he decided to take the plunge and start his own skin care clinic. Now classified as 'self-employed' and looking for 100% finance for a commercial property, Will faced some obvious challenges. Working closely with Dr Owen, Bang Duong of Bang On Investments helped him secure his loan and establish his clinic.
UNDERSTANDING CLIENT NEEDS
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Starting a new practice can be a highly rewarding, yet somewhat complex experience; you need to locate a space, market the business, build up a patient-base, find the right team, and generate enough revenue to cover costs. But before any of this, first you need to secure finance.
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One of the biggest challenges we see for doctors who are starting their own practice, is how their new employment status can affect their capacity to secure a loan. Some lending institutions tend to lean away from providing loans to people who are self-employed, regardless of their field, expertise, employment history, or the promise of their new business.
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On referral, Bang Duong of Bang On Investments, was contacted by Doctor Will Owen* who aimed to set up his own skin care clinic and leave his current full-time employment. With the costs for establishing the clinic quite high, and his status changing to 'self-employed', Will could have faced an array of challenges that made achieving his aim, with competitive finance, seem almost impossible.
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FINDING COMMERCIAL PRACTICE SOLUTIONS
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To start up his skin care clinic, Will required 100% financing -- $600,000 -- to purchase a commercial property. In addition, he needed $50,000 to fit out the office professionally, and a $100,000 overdraft in working capital.
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Bang started by meeting with Will and working with him to understand his current situation and all of his upcoming financial requirements. He researched and reviewed a number of options before providing Will with a competitive finance option that covered all of his needs.
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OUR EXPERT SAYS...
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"Working with medical professionals to help them establish new clinics and practices is one of the most rewarding parts of what we do. The requirements are often complex and finding the perfect solution to really meet the needs of each client is a real challenge we dive into very enthusiastically!"
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* Names changed for privacy.
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