Assisting a Dentistry Business in Securing a £2 Million Loan

23rd October 2023

Chris Davey

Waiting room
Chris Davey

Chris Davey

  • Client: 2-person partnership in the healthcare space
  • Reason for borrowing: Refinance away from exiting lender due to lack of service, and wanting to better their existing rate
  • Term: 10yr loan

Enness was recently contacted by a well-established family-run dentistry business based in London, which was in pursuit of a £2 million term loan – a financial goal that had previously seemed unattainable.

The dentistry business's primary objective was to secure a £2 million facility to refinance £1.6 million in existing high street debt and raise an additional £400,000 for essential working capital. Interestingly, the sole collateral available to our client was the goodwill associated with their business.

During the COVID-19 pandemic, many companies in the healthcare sector, including this particular dentistry business, experienced significant losses. However, the narrative surrounding these challenges, combined with a robust and optimistic financial forecast, allowed us to illustrate the promising trajectory of this partnership. This presentation of the case became a pivotal factor in securing the refinance and successfully raising the necessary capital.

We facilitated our client's aspirations in collaboration with a prominent high-street bank that had recently established a specialised healthcare division. This move ensured that the client would receive exceptional customer service. Ultimately, we secured a £2 million loan at a highly competitive annual interest rate of 2.25% above the base rate, with additional fees factored in.

Notably, the healthcare sector continues to demonstrate its resilience and potential for business funding within the current market landscape.

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