Owning a dental practice is a goal that many practitioners aspire to. For Dr Imran Ahmed, his dream became a reality back in 2015 when he purchased Fern Cottage Dental Practice in Barnsley. It wasn't long, however, before the bug took hold and he considered buying again. Here, he details how Becki Barnett from DE Finance helped him to secure a loan for a second practice.
When I acquired Fern Cottage Dental Practice I didn't go into it with the intention of looking for another, but when I saw my new practice on the market, I couldn't pass up the opportunity. It is a nice mixed practice in an affluent area, with a good NHS contract.
In the run up to the acquisition, I spent a lot of time reviewing my accounts to make sure that if something did come along within my price range, I would be able to feasibly afford to make an offer. Becki was key in this area. From about a year before I successfully bid on my second practice, Becki was in touch to calculate my affordability, and was very honest about what my options were.
When I eventually did stumble across the practice that ticked all the boxes, Becki was very proactive in helping me to put together my business plan and secure the necessary funding. Practice finance can be a bit of a minefield, especially when it comes to technical jargon and knowing which banks to approach, so it was very reassuring knowing that I had Becki to fight my corner.
After shopping around and receiving a number of fantastic offers, I chose to borrow some equity from my first practice and took out a smaller loan from the bank. I also moved all the funding from my first practice to the new lenders, so that everything would all be in one place. Thanks to Becki, I not only received an incredible rate, but my original loan repayments are cheaper than before!
Altogether, I am both very happy with my loan and the service from DE Finance. Becki was spot on with her calculations and negotiations with the bank, and she followed the process right through to the end to ensure that the transaction completed successfully. Without her advice and expertise the purchase would have been a lot harder, so I am very thankful for the time and energy that she put in.