Braemar Finance’s Joe Biesty has been working with Dentists in Ireland for a number of years now, providing finance for both new and established practices.
In this Q&A he explains in more detail what a typical deal looks like – and why it’s not all about equipment finance…
Tell us more about your product offering for Dentists
One of the key products we offer is an unsecured loan, which can be used by both start-ups and more established practices.
Typically, unsecured loans are used to inject cash into a business and can be used for a variety of purposes, including buying into or setting up a new practice, a renovation, IT upgrade or simply to cover multiple overheads.
Another product that’s available to Dentists is equipment finance. It’s important to note that Braemar Finance have been supporting dentists with equipment finance for over 25 years. We have established relationships with all reputable dental equipment suppliers and have in-depth knowledge and understanding of the equipment we finance. This combined experience increases the likelihood of our client getting the funding they need for their practice.
Give me an example of what a typical deal looks like for a new practice…
Most deals are pretty straightforward – it usually starts with getting an enquiry from the Dentist. I’ll ask a number of initial questions, including how much they wish to borrow, the purpose of the loan and the term they prefer.
After receiving the client’s financial information I will then put together a credit application and work with our experienced in-house specialist underwriters, who provide quick decisions.
If it’s an unsecured loan, no deposit is required, and the loan will be tailored to suit the client with fixed payments over an agreed term and the funds are then paid by BACS into the client’s bank account within an agreed time.
If the funding is for equipment, we pay the supplier invoice on behalf of our client, set up the finance agreement and the Dentist repays us by direct debit over the agreed term.
What other provision is made for businesses to ease the payment schedule?
Assuming we get the information we need and the underwriting team agrees, we can offer our Low Start facility for both the unsecured and equipment finance facilities.
Existing loans or debt can also put pressure on the cash flow of a business wanting to expand so we can consider consolidating debt to free up valuable cash flow, which can be reinvested back into the practice.
We also offer a maximum term of 7 years, compared to most of our competitors who only offer up to 5 years.
Can an established practice take advantage of the Low Start facility?
Yes, we offer this for both new and established practices.
Tell us more about your role - what do you do?
A key part of my role is to arrange finance for our customers, as and when they require it. This includes meeting to discuss their financial requirements – knowing your customer is key. We understand that Dentists are extremely busy and don’t have the time or capacity to provide endless documentation. This is why we make a point of dealing with these transactions with the minimum of fuss and maximum efficiency.