January saw us entering the traditional tax-funding season with a fantastic new rate offering for our introducers and this resulted in a very high volume of proposals for all manner of clients. Whilst lawyers and accountants made up a large proportion of the requests received by the United Trust Bank team, so far this year we have also experienced a greater number of proposals from professionals within the dental and medical sector.
The paper professions are typically a less niche market than the health professions market. Funding for health professionals is frequently for specialist assets or renovation costs – UTB has assisted with such cases in the past – but much like all of the professions, one of the largest liabilities they face is the inevitable annual tax bill from the HMRC.
We were approached by a new introducer to secure a loan for a private dentist who has practiced for the past 30 years. This individual operates as a sole trader with several successful dental and orthodontic practices to their name, but wanted to spread the cost of their tax bill as opposed to extracting a lump sum of cash from the business. It was a relatively straightforward process to get to an approval, as the profitable nature of their work meant they had been able to invest in some freehold properties as well as maintaining a stable cash flow over the years.
Due to the quality of the proposal and the client themselves, we were able to provide an approval in under 4 working hours, which was greatly appreciated by the introducer and the customer.
Loan amount: £90,000