Commercial Loans for Medical Professionals
Are you a medical professional looking to get a commercial loan for your practice or clinic?
At Chardon, we take a personal approach to helping you get a loan for your practice or clinic.
*Information provided is for assessment purposes only and no enquiry is made on your credit file.
Business Loans for Medical Professionals
Chardon will help you get the right loan and match you with the right lender.
Tailored Finance Solutions Just for Medical Professionals
At Chardon Commercial Lending, our team are dedicated to helping finance medical professionals, no matter what they do. Whether you are a Vet, Doctor, Dentist, GP, Optometrist or any other healthcare professional, we can help you.
From practice fitouts and buying equipment to purchasing a practice and buying commercial property, we are your trusted partner, by your side every step of the way.
We take a personalised approach to helping you through your journey to acquire the finding you need to get your practice up and running and into the future.
Get in touch with us to see how we can help.
Read some of what our clients have experienced choosing us as their broker.
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Business Loans FAQ
Read through our knowledge base to find answers on how to get a business loan.
Eligibility and approval is subject to standard credit assessment criteria. For more information please refer to our credit guide.
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How can I get a business loan?
This is a very broad question. The best way to begin is to look at your reasons for getting a business loan, the amount you need and if you can afford to repay it. The first questions a potential lender will ask are ‘What do you need the money for?’ and ‘How much money do you need?’ Once you have answered these questions, you can approach potential lenders.
A wide range of business loans is available and the right one for you will depend on your circumstances. For example, if you don’t have assets to pledge as collateral, you will need to get a business loan that is unsecured. If you have collateral (residential or commercial property or business assets), you will be able to get a business loan that is secured. The difference between the two types of loans is that you can borrow more for a lower interest rate when your loan is secured.
The type of loan can depend on what you plan to use the money for. Equipment finance and hire purchase, for example, are specialised types of business finance used to purchase equipment. If you are seeking short-term funding for cash flow, a business overdraft, line of credit or an unsecured business loan could be the right loan for your needs.
Which bank or lender is best to get a business loan from?
Many banks offer a range of business loans, so it’s impossible to say which bank is best for a business loan. For a traditional bank loan, the bank will require you to complete a large amount of paperwork. For a new business, the bank will also require a business plan, including profit and loss projections. Even though banks differ somewhat in their approaches, they tend to offer the same range of financial products. These include short-term and long-term loans, loans with fixed rates and variable rates, secured and unsecured business loans, business overdrafts, lines of credit, credit cards and equipment finance.
Besides the banks, there are many non-bank lenders that specialise in small business loans. They offer a wide range of finance options to meet the needs of businesses in various financial situations.
Fintech (financial technology) lenders are non-bank lenders that leverage technology to make it easier when applying for a business loan. Using leading-edge technology makes it possible for you to quickly and safely apply for a business loan online.
Is it difficult to get a business loan?
This will depend on your financial situation, how long you have been in business, whether you have collateral and the type of business finance you choose. For example, for a typical SME, it’s very hard to get a traditional bank loan. You have to submit a large amount of paperwork and often wait six to eight weeks for approval. In fact, a survey of small to medium enterprises showed that banks reject around 75% of their loan applications. This high rejection rate is the result of regulatory restrictions which limit the level of risk banks can take on.
Non-bank lenders, including fintech companies, are not constrained by banking regulations, so they are able to make more loans to small businesses. Since the loans they make are unsecured, the interest rates are higher than those of traditional bank loans. As noted, the innovative technology they use simplifies the lending process. Once it has been determined that you can repay the loan, and you are approved, the funds are transferred into your account. In this situation, it’s not hard to get business finance if you meet the criteria of the non-bank lender.
How can I get a business loan without security?
You can get a business loan without security. When you don’t use security it’s called an ‘unsecured’ loan. Even if you don’t have security, there are many loan options available. The main difference is that you usually won’t be able to borrow as much and you will pay a higher interest rate. For example, a typical rate for a secured business overdraft is around 8% per year, while the rate for an unsecured business overdraft is around 12%. That’s 50% more interest for the unsecured loan.
Certain types of loans don’t require existing collateral but use what you are purchasing as collateral. For example, with equipment finance, the item you are purchasing acts as the collateral while you are repaying the loan.
Non-bank lenders provide unsecured loans, so don’t require collateral. They safely and securely analyse your finances and credit information online to determine if you are approved for a loan and the loan amount.
Can I get a business loan if I am credit-impaired (bad credit)?
This depends on what you mean by ‘credit-impaired' or 'bad credit'. If you don’t have a credit record at all, it can be challenging to get a business loan. The same is true if you have a bad credit history which can be a result of late payments, defaults and/or bankruptcy.
If you have no credit record, it’s recommended you start somewhere. This could be getting a personal credit card with a low limit and making sure that you make all the payments on time. This way you will build a positive credit record for when you want to take out larger personal or business loans.
If you have bad credit, it can be challenging to get business finance. Some non-bank lenders specialise in providing business loans to people with bad credit but will charge a higher interest rate due to the higher risk.
To get a clear picture of where you stand, you can get a copy of your FREE credit report from:
How is your interest rate better than a bank?
If you walk into a bank, you might get a good product. But the selection is limited because they can only provide their own products.
With a business loan broker, we are talking to all the banks and lenders. In many cases we will have lenders on our panel that you may not have heard of that might be the lender that offers you the best deal.
Can I pay off my business loan early?
With most business loans, there is an option to pay off the loan early. With some lenders, you will pay the interest for the full term even if you pay the loan off early. Other lenders will charge full interest minus a small discount when the loan is paid off early.
Is my business eligible to get business finance?
This will depend on a number of factors including your financial position, credit history and ability to make repayments. Business lenders will typically look at your cash flow, profit and loss statement and balance sheet. In addition, they will check your credit history to see what other debts you have and how reliable you have been in making payments. Some lenders will require collateral to get a business loan, while others offer unsecured business loans that don’t require collateral. Some lenders have minimum eligibility criteria before they will consider lending.
What are early exit fees?
With most business loans you may need to pay a fee if you decide that you would like to repay the loan before the term ends. This rate can vary between different lenders.
What do I need to complete a business loan application?
Firstly, on your personal circumstances. Secondly, on the type of transaction. And finally, it can depend on which lender you are using.
As a rule of thumb, be prepared to hand over items such as:
ATO Notice of Assessment
The above list is not extensive, but depending on your circumstances, transaction type and bank, you may not need to supply all of these.
Further to this, your broker will need to capture all of your personal information such as your employment history, assets, liabilities, income and product needs and your business objectives.