Unsecured Practice Loans

The unsecured practice loan is there to support your practice when you need:

Working capital – when your practice might need assistance in meeting the bills and keeping operations ‘ticking over’. 

You can choose to draw-down the loan with a short repayment term, or a longer repayment term, normally from 12 to 60 months, whichever suits your budgetary requirement.

HMRC liabilities – struggling to pay an exceptional VAT or tax bill? Or perhaps you would rather set aside the capital you would normally reserve for these bills to be invested in practice growth. 

VAT Funding – available for one-off VAT bills, or, as many of our clients choose, an incredibly useful facility allowing you to finance each quarter VAT liability, providing excellent benefits to practice cash flow. Each loan facility is repaid over 3 instalments, often with the first repayment 4 weeks after the funds have been released. We can arrange for the funds to be paid direct to the HMRC or direct into your office account.

Tax Funding – hugely popular finance facility, offering practice owners the option of spreading their tax payment over 6 to 12 months.

This can be used for self-assessment bills, partnership liabilities and corporation tax.

Professional Indemnity Insurance – you can’t operate without it, and in some instances the premium can be a huge drain on available cash resources.

PII finance is available for all professional practices, and the facility offers repayments from 10 to 24 month terms, designed to match your renewal period.

Refurbishments – when you realise the tired looking practice needs a revamp! This can be a daunting outlay but the Practice Loan Company can arrange finance for this expenditure with repayment terms up to 7 years.

In some cases, we can arrange a blend of unsecured practice loan and asset finance.

Asset finance can be used for practice furniture, partioning, signage and other ‘soft asset’ elements of the refurbishment. 

Practice Development – the unsecured practice loan can be used for the growth and development plans of any practice. From investing in additional staff and fee earners to providing a platform to address marketing and advertising.

Aged Debt – specific to the Paper Professions sector, firms within this subdivision often have to deal with locked-up capital impacting on their practice cash flow. From barristers to accountants, law firms to architects, using an unsecured practice loan to mitigate unpaid bills for work completed can be an excellent benefit to cash flow.

Work in Progress (WiP) – the unsecured practice loan can be used to cover current work in progress, providing the necessary capital to move projects and cases over the finishing line.

Practising Certificates – many professions require their fee earners to renew their practising certificates each year. The Practice Loan Company can arrange unsecured practice loans to cover this cost. Repayments are normally over 10 to 12 months.

Practice Acquisitions – the unsecured practice loan can be used to assist with the purchase of a practice. Generally, the repayment for this facility is up to 5 years, in some cases, up to 7 years. However, if a longer repayment is required to reduce the capital and interest repayments still further, we can arrange a 10 year facility which is part unsecured and part secured. 

Partner buy-ins and buy-outs – available for firms wishing to buy-out exiting partners, or directors. It is also available for those wishing to buy-into existing practices, or for current partners to increase their shareholding.

Fee block purchases – accountant purchasing a block of fees.

Disbursement funding – funding for solicitors to assist with payments to third party medical experts during a claim case.