One of the many recent Newable Business Finance loan applications we received from one of our introducer partners was from a dental practice based in London which has a trading history of around 20 years. They provide a range of services from general dentistry through to cosmetic and facial aesthetics.
We were approached for a loan of £75,000 over 12 months which was to be used for a number of purposes including staff recruitment and some training for advanced dental services.
The practice had seen a financial loss in 2017 however more recent information showed a return to strong profitability. The supporting bank statements showed a significant overdraft facility which was barely used and therefore serviceability of our proposed loan was easily evidenced as healthy credit balances were typically seen.
Because the practice was so long established, the required loan was only needed for a 12 month period. Due to the fact that the company directors had a good amount of equity in their home, allied to the strong trading performance, we were happy to approve this loan secured against the Personal Guarantees of the directors.