Pharmacists: Apply for Commercial Finance

Pharmacist Finance

As you start your pharmacy and as a pharmacy clinic grows, you are most likely going to need to borrow the money to purchase new equipment and consumables, to extend a current pharmaceutical practice, or to buy more pharmacy clinics and build a group. No matter what you need it for, we can make sure you get the right finance for your pharmacy business. 

When you are seeking a loan to buy, start or grow a pharmacy, banks and lenders will look at your personal finance history to help them ascertain whether you will be a secure and reliable client that can repay the loan.

If you do not currently own a pharmacy, your personal circumstances are one of the information sources that lenders will have to assess your ability to manage a pharmacy clinic when you acquire one.

Our in-house finance brokers are all former bankers, with extensive experience in the UK’s healthcare lending sector. We know what the banks are looking for, we know how to get your application right and we know how to find the best commercial finance deals out there for pharmacists. 

What might your repayments look like?

Amount

Term

Monthly Repayments:

2.5%

Total Cost:

2.5%

*Calculations are indicative and intended as a guide only. Based on the average rate of our lowest risk businesses. Excludes loan origination fee

What will financial lenders look at and assess?

  • The history of any earnings as a pharmacist.
  • Management of personal finances.
  • Living situation of the applicant. Is the accommodation rented or owned?
  • Career in pharmacy and level of management experience.
  • Ability to repay any loan that is provided.
  • Any personal savings that are in place. Showing a propensity to save rather than make rash purchases is an indication of being low risk for lending.
  • Evidence that tax payments are up to date.
  • The personality and character of the applicant.

To give yourself the best chance of your loan application being successful, contact us today to find out how we can help and make sure you follow the 5 steps below. 

Depending on what type of financing you need for your pharmacy, you may need to secure your loan with assets to put up as collateral in case you default on any repayment on your loan.

Our finance brokerage team can advise you at every stage of your application to ensure you understand the process and don’t fall into the many potential pitfalls when raising finance for your pharmacy clinic or business.

Applying for Finance

Follow these 5 steps before you apply for finance:

Do you have further questions?

If so, please send us a message via our contact form.

Step 1:
Review your personal income and expenditure

The first step is to review your personal income and expenditure – look at it from an outside perspective, and consider what others would think about you when looking at your expenditure.

Make sure that you have a breakdown of your debt repayment schedule, showing all your payments, what they are for and who they are going to. Is it all a car loan or made up of some car loan and some professional qualification costs?

Step 2:
Obtain your Bank statements and look at your account conduct

The second step is to obtain your bank statements and look at your bank account conduct. Do you stay in credit or within the overdraft limit? Are there any times when your finances get really stretched and if so, can you do anything about this?

Step 3:
Obtain your Credit Score

Thirdly, obtain your credit score for free and make sure that it is correct. Check there is nothing on there you were not aware of, as credit scoring companies do often make mistakes.

Step 4:
Consider your partner’s financial background

Make sure your partner’s financial health is strong too. If borrowing in joint names you will both have an examination of your financial status.

Step 5:
Use an experienced Commercial Finance Broker

Utilise the skills of an experienced commercial finance broker such as Samera to help you raise the finance. Our team are experts in helping pharmacists get finance and business loans to buy or grow their pharmacy.

Our specialist finance brokers will be able to guide you through the process to ensure you put in the strongest application to the banks and lenders to obtain the best available deals on the market.

What finance options are there for pharmacists?

There are several options out there for pharmacists looking to raise finance. Which one is best for you will depend on what you need the finance for and your ability to repay it. The loan terms like repayment scheduling, whether it is secured or unsecured and who you borrow from will vary case by case. 

Our team can make sure you apply for the right finance for your pharmacy business, and that you have the best chance of it being successful when you do.

Acquisition Finance

It’s unlikely that you’ll be able to buy a pharmacy with your own money. You’ll almost certainly need to borrow at least some acquisition finance to make the purchase. The amount you need to borrow and how long it takes to pay back will depend on the value of the pharmacy clinic, your own financial situation and how much value you can add to the business, amongst a whole host of other things. We’ve helped countless healthcare professionals raise acquisition finance to purchase their healthcare business, we know what they’re really worth, what loan terms suit you and how to get it. 

Asset Finance

Equipping and maintaining a pharmacy is expensive. Your working capital will usually take less of a hit if you spread the cost out over a loan repayment, rather than one lump sum. With our buying group, the Samera Alliance, we not only help you raise asset finance, we can get you exclusive discounts and offers on your consumables and equipment. 

Commercial Mortgages

We were finalists in the NACFB Commercial Mortgage Broker of the Year Awards 2021. Our in-house commercial mortgage brokers are experts at helping pharmacists purchase the property they need to start or grow their pharmacy business.

Tax Loans

Instead of saving your income and paying your tax bill in individual lump sums, it is sometimes easier to spread the cost over the year with a tax loan. Our specialist accountants can help reduce your tax bill, while our finance brokers source the money to pay it.