Top tips to secure funding when buying a dental practice

3 top tips to help dentists improve their chances of being granted funding when buying a dental practice

Buying a dental practice is a big decision and obtaining the correct funding is a major part of that decision. 

Whilst our team have helped thousands of dentists make the transition from an associate to principal we are always aware that dentists looking to buy a dental practice will very often need help and guidance, particularly when it comes to securing the funding needed to make a dream purchase become a reality.

Here are some tips to increase your chances of obtaining funding when purchasing a dental practice:

1. Get a financial pre-assessment from an independent dental broker – this will give you an overview of your borrowing potential from various lenders, instead of just relying on the opinion of one bank. It will help you identify the appropriate size of practice to consider.
2. Ensure your CV is up-to-date and emphasises your managerial experience – this is one of the most important documents that banks consider when evaluating loan proposals.
3. Save up – while it may be possible to secure 95% or even 100% funding for the best terms, having at least a 10% cash contribution is usually necessary. Building up your savings can improve your financial profile and strengthen your loan application.

For more help and advice with securing finance to buy a dental practice, please get in touch with us as soon as possible for a no-obligation chat on 0330 088 1157.