Renaissance Asset Finance (RAF), a subsidiary of Arbuthnot Latham, the private and commercial bank, has announced the launch of a commercial loan product to support medical professionals, including doctors, surgeons, dental practices and dentists, veterinarians, and veterinary practices.

The product is aimed to bolster the Hire Purchasing (HP) and lease facilities RAF provides for medical equipment deemed to be hard assets with a tangible realisable value. This new, non-regulated commercial loan is aimed to help professionals finance vital office and surgery fit-outs, software systems for practice management and bespoke equipment such as specialist medical cabinets.

The loans will not be provided for cash raising or general working capital and the supplier must be stated at proposal stage. The loan term is for a maximum of 60 months and a maximum amount of £100,000 to businesses that have been established for more than two years and are members of the appropriate regulatory organisation.

Proposals can be made direct to RAF or via a small group of brokers authorised to introduce professional loans to RAF.

Mark Lester Managing Director at RAF said

“We are attracted to this sector as it tends to be populated by customers who can demonstrate serviceability of undertaking and high levels of creditworthiness in their affairs. These professionals often require the ability to raise finance for specific assets for business expansion or improvement in systems that support operational efficiency to better serve the needs of their patients.   

The sector is driven by a number of positive factors including health expenditure and consciousness, population and health matters, and affection for pets, with pet ownership having risen during the pandemic. The government has encouraged more private operators to enter the industry in order to relieve some of the pressure on the existing system and introduce greater competition. We are delighted to offer additional services in support.”

RAF provides funding facilities, both direct and through brokers, to help Small and Medium-sized Enterprises (SMEs) and High-Net-Worth Individuals (HNWIs) manage cash flow and access the right business assets.

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