how asset finance can help professional practice
Thornmoney can help practitioners purchase specialist equipment when other lenders say no. Find out how to access professional practice equipment loans, fast.
Setting up a professional medical or allied health practice is an exciting time. However, one of the biggest challenges is accessing the money required for the fit-out and equipment.
For a doctor, dentist, vet or allied health practitioner, unless they have unlimited funding (and few do), it’s impossible to open doors without everything they need in place to care for patients. For this reason, accessing practice equipment loans is essential. Often, medical professionals and allied health practitioners turn to major lenders for loans without exploring other options. However, there are always potential alternatives to asset finance from the big banks.
why choose an independent lender for practice equipment loans?
There are a few reasons why a professional practitioner might approach an independent lender instead of a major bank.
Specialist equipment loans
Not all lenders will approve loans for highly specialised equipment. If they’ve spoken with larger banks but have not had favourable outcomes, a smaller lender like thornmoney may be able to offer a solution. It’s best to talk to a finance broker about making a connection and exploring what is possible.
Buying second-hand can be a good way to save money. Obviously, not all equipment can be purchased in used condition, but it is an option worth exploring. A smaller, more flexible lender may be better placed to support you even though there is no warranty for a used piece of equipment.
Competitive credit matrix
A professional with a decent credit score and at least 5 years of experience in the related industry may be able to borrow up to $150,000 from thornmoney. There is also the option to borrow without the need to secure a loan against an existing asset such as personal property.
Of course, it depends on the circumstances but it is always worth asking your broker to see what’s possible.
Faster loan approval
Major lenders often have longer processing times when it comes to asset finance applications. With thornmoney, brokers can access our simple online portal to lodge applications and get answers on behalf of their practice owner clients faster.
a success story
Extended loan terms
Borrowers can access timelines of up to 60 months/five years when funding a practice equipment loan through thornmoney. This provides the opportunity to repay the loan without impacting cashflow, which is especially important for newer businesses.
The practitioner may have a deposit to contribute to their practice equipment loan or may only need to borrow a small amount, such as $10,000.
They could be an established business or a sole trader who is just starting out. Thornmoney brings the advantage of flexibility and funding solutions that are tailored to individual clients. Our credit assessors are motivated to work with brokers and their clients to reach positive outcomes. Start the application process, and we’ll be in touch to work out the details.
The thornmoney team is small enough to care. We provide ongoing support for brokers and practice owners, to ensure payments aren’t missed, and a positive credit score is maintained.
is your SME clients eligible to apply for asset finance?
The starting criteria for practice equipment loans are as follows:
- have more than two years of ABN registration or acceptable experience in your field
- principal place of business is in Australia and at least one guaranteeing director is an Australian resident
- business is registered for GST
Disclaimer: This information is for general information purposes only. Therefore, the information contained herein does not constitute financial or professional advice or a recommendation. Ultimately, it has not been prepared with reference to your financial circumstances or business and should not be relied on as such. You should seek your own independent financial, legal and taxation advice as to whether or not this information is appropriate for you.
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