Success Story: Medical Centre in NSW
Setting up and running a Medical Centre is a cash intensive business. A medical practitioner who owned two family medical centres in NSW was referred to us by an existing client. Having been in business for over 12 years, the medical centre was trusted and had been seeing a consistent increase in flow of patients over the years.
With a need to provide the best infrastructure and services to his patients, the medical practitioner had invested in the best equipment and facilities in his business. He also has some of the most popular doctors working with him at the clinic. To meet the cost of updated infrastructure and equipment, our client had to secure a few loans in the past. With multiple loans running simultaneously, there was a cash flow crunch on an on-going basis, and this was a constant challenge for the business.
The turning point
Since both the Medical Centre’s were operating at full capacity, the need to onboard a couple of additional doctors to meet the increasing demand was felt. The client reached out to us through his friend who was an existing client of Capital Boost and explained his scenario to our lending specialist.
At the time of our first meeting, the client informed us that he had 4 different unsecured business loans running simultaneously and this was eating into his cash flow. A couple of these loans were for an 8-month repayment term and the others were for a 12-month term. Managing these multiple loans was becoming a challenge and the outflow was relatively high for the business.
On assessing his business, our lending specialists realised that there were four on-going unsecured loans that amounted to a total of $120k in borrowings. Since the client was looking at additional funds besides ensuring a better cash flow to the existing loans, we worked closely with him to consolidate his existing loans and secure additional funds to meet the desired objective. A detailed study of his business, assessment of the loans and prospective business growth options helped us work out a systematic plan to help him meet all his desired objectives.
Success high point
The team at Capital Boost managed to help consolidate the multiple loans into one loan of $250K that helped repay existing loans of $120K while securing an additional $130K to help him meet his new business objective of hiring doctors to meet his increased demand. The loan was secured for a 3-year term which also helped him free up his cash flow considerably. More so, we managed to do this at a rate which was about 10-12% cheaper than his existing loans.
Do you have a similar story? We would love to help you secure the loan needed to grow your business. Reach out to us on 1300 360 530 or click on the link to Apply Now!