Case studies

Dental Finance:

Competitive Rates & Fees

Following the award of additional UDA's our clients needed to extend their practice to fulfil their new UDA requirement. The brother and sister partnership visited our stand at BDA Conference for an informal chat after seeing our adverts and letters from time to time.

Due to the mix of building works and equipment we were able to provide a £30k Unsecured Loan for the soft costs (building works) and a £50k Hire Purchase facility for two chair packages. The equipment suppliers were paid direct and the loan was paid to the clients business account so they could mange payments to several contractors.

The clients did approach their bank to fund the project with an £80k loan and after a protracted application process the bank were only able to offer a variable rate facility with a £1,600 (2% fee).

Performance Finance therefore won the business because we had secured a fixed rate over 5 years with a minimal £150 admin fee.

In addition to enjoying a better long term deal with Performance Finance, by keeping their bank exposure to zero, the partners will find it much easier in future to call on their bank should they need help with an overdraft or other facilities.

 

Dental Finance:

Quick & Clean Turnaround

A Dentist with a well established practice called Performance Finance after receiving one of our mailing letters. Having not previously dealt with us he wanted to get some background information and some finance options to fund a new decontamination room.

He was impressed with our specialist knowledge and the advice given. Particularly pleasing to him were the rates offered compared to his existing finance provider and a third company he had requested figures from.

He received an email confirming the figures later the same day and returned a completed application form with a set of accounts the following morning. We were able to get full financial approval on a mix of Unsecured Loan and Hire Purchase facilities within 24 hours.

 

Dental Finance:

Something to get our teeth into.

Having been recommended to Performance Finance by a professional colleague a dentist contacted us as he was experiencing difficulty obtaining funding for his new practice equipment.

We discussed the project in detail and after obtaining the background information necessary we were able to provide finance approvals for the full requirement of over £100,000 within 48 hours, all completely unsecured.

Surprised and delighted at our can do attitude our client proceeded at pace.  We worked with both the dentist and his chosen suppliers to ensure the paperwork ran smoothly. Performance Finance handled various payments at different stages throughout the project which enabled our client to concentrate on setting up and marketing his new venture.

  

Optical Finance:

Saving Tax & Saving the day

Having placed an order for a new sight test equipment at Optrafair our client was recommended to visit the Performance Finance stand to discuss how best to fund the purchase.

Although he had used a different finance provider for many years he was interested to hear how an investment of this type could achieve 100% tax relief yet still spread VAT - important to him as he wanted to remain within his de-minimis limit.

Whilst our rates were more than competitive, our client decided to proceed with his ‘usual finance provider' due to an historic relationship. However, the day before the equipment was due to be delivered however we were called by the client who had been let down at the eleventh hour by his provider not being able to deliver the correct finance product.

With just one telephone call and the latest practice accounts we were able to give credit approval within just a couple of hours ensuring the planned installation could still go ahead on time and thus preventing further costs and disruption to the practice.

We then visited the practice to ensure everything was satisfactory and obtain the required signatures.

Our client was relieved and delighted Performance Finance were able to deliver the correct solution, in such short timescales and at a cheaper rate than his previous finance provider!

 

Optical Finance:

More than just Finance - ROI and also VAT & Tax efficient

An optician came to talk to us at Optrafair on the recommendation of an OCT supplier. He was wary about making such a big investment into the practice but could see the clinical benefits for his patient base and felt it would help set his practice apart from the multiples.

Initially we discussed how he would integrate the OCT into his practice and he decided he would offer patients a scan for an extra £30. He believed at this level the take up would be around 4 per day.

When we ran through our OCT "Return On Investment" calculator with him, we discovered that with a 5 day test week, just 2 patient scans per day would more than cover our finance cost and at 4 per day would generate over £20,000 in profits annually.

Additionally, we explained that by leasing the OCT the VAT would be spread over the term of the finance and therefore keeping him within de minimis. Additionally, the monthly repayments would be 100% allowable against tax.

With both the clinical and business justification for his purchase satisfied he ordered his OCT.

We contacted him after the exhibition and emailed copies of the OCT "Return on Investment" calculator along with information on VAT de minimis and the tax benefits which were forwarded to his accountant.  The accountant confirmed what we had discussed was sound and forwarded copies of the clients latest accounts to us. We were able to provide a credit approval within 24 hours and then liaised with the supplier for invoicing.

Once the OCT had been installed and an invoice received we visited the client to run through all the documentation and get the necessary signatures.

 

Optical Finance:

Eye catching Finance

The owner of a 3 practice optical group was considering the purchase of an OCT from a well known equipment supplier.  Whilst highly enthused about the obvious clinical benefits, he was very cautious of integrating a new pricing model and as such concerned about the financial viability of the machine. The owner asked his practice manager to investigate finance costs, who in turn approached Performance Finance for some illustrations.

With a sound understanding of both the VAT and tax issues faced by opticians our finance proposals were prepared with these in mind. In addition, we provided an interactive ‘Return on Investment' spreadsheet which allowed the owner to adjust both pricing and throughput to see the true impact an OCT would have on his practice.

Not only was the optician pleased with the competitive and well structured nature of our finance offer he was delighted to see the solid returns the machine could generate for his business.

  

Veterinary Finance:

Credit where Credit is due!

2 x experienced veterinary surgeons were recommended to Performance Finance via an equipment supplier in a bid to avoid a premature end to their project. The plan to fully equip a new veterinary practice in central London was close to collapse after some frustrating dealings with their own bank and a non specialist finance company.

In an initial conversation we outlined; how Performance Finance work, what we could arrange, our rates and setup fees and most importantly offered guidance on the most tax efficient options. After feeling confident in our offering the client explained that his bank were keen to offer some funding but only on expensive terms and with the security of the practice lease. The project previously had not been fully funded nor was the structure tax efficient. The lack of sound advice and an incorrect facility might have cost the clients tens of thousands of pounds in wasted tax benefit.

In addition, the project was complex with 11 different suppliers and a refurbished CT Scanner but Performance Finance secured all of the finance through a single funder in just 48 hours. We also managed the entire invoice and paper chain with payments made to the suppliers just 2 weeks after that initial phone call.

Finally, we visited the practice to go through the documents in person and were complimented by the senior partner with the words....

"Thank you for doing something no-one else could do"

 

Veterinary Finance:

Practice makes perfect

A veterinary surgeon was in the process of opening her first practice.  Premises and the leasehold were secure but she was unsure as to the best way of funding her equipment and whether monies could actually be raised in the current climate (Summer 2011).

She made a call to Performance Finance and talked through the options with a specialist account manager.  After explaining the types of facilities available and the differing tax breaks with each, a formal quotation was emailed over later that day.

 The figures provided were not only very competitive but allowed for a facility which ensured 100% tax relief and equipment ownership at the end of the term. The client felt assured and comfortable that the choice of agreement was the best for her new business and was happy with the low cost set-up fee.

After discussing the proposals with her accountant, who agreed with our recommendations, the relevant forms were submitted to Performance Finance who subsequently provided credit approval within 48 hours.

As a leading veterinary finance specialist, Performance Finance's excellent links with all veterinary equipment suppliers ensured the requests for invoices and management of the paper-chain was another seamless part of the service. 

Once the equipment was installed satisfactorily, a same day transfer of funds was authorised at no extra cost; another happy client and supplier.