Are you a recent graduate, associate or even a seasoned pharmacist looking to buy a suitable pharmacy that meets your needs? Do you need finance for it? Then a pharmacy loan, if structured correctly can meet your needs.
A pharmacy loan will assist you when you are looking to:
>> Buy your start-up pharmacy practice;
>> Acquire another pharmacy practice;
>> Expand or remodel your existing pharmacy practice;
>> Purchase equipment for your pharmacy practice, including fit outs; or
>> Refinance your existing pharmacy loan.
Your Pharmacy Loan Checklist – Here is a brief list of things you should consider when you are looking for a suitable loan to meet your needs:
1. Create a Suitable Due Diligence/Business Plan and Budget
As with any large financial decision you will make, it is extremely important that you work out your budget. You should look at your overall financial position, before you start seeking finance and this means:
>> Establishing a suitable due diligence/business plan;
>> Establishing a suitable budget, whereby you prepare a list of all your assets as well as your expenses and out-goings. You can do this by using a Budget Planner calculator; and
>> Calculating how much you may be able to borrow by using a Borrowing Power calculator.
2. Arrange for Pre-Approved Pharmacy Loan
You should arrange for pre-approved pharmacy loan as it will give you the peace of mind knowing that:
>> You will have the upper hand when negotiating the sale price of the pharmacy practice with the vendor, real estate agent, etc.
>> You will have a clear picture of what the affordability and borrowing limits are;
>> Your loan request has already been pre-approved by the lender/credit provider; and
>> You will know the conditions of your pre-approval.
3. Understanding the Features and Benefits of a Pharmacy Loan
There are many features and benefits that you need to consider when looking at a loan, these include:
>> The amount of loan you require to finance the development of a new pharmacy or the purchase of an existing pharmacy location, etc;
>> The term of the loan required;
>> Structure of the loan (i.e. Fixed/Variable/Interest Only);
>> Interest rate;
>> Provision for redraw facility; and
>> Early repayment provisions (i.e. exit strategy).
Seek Expert and Professional Advice
Your needs as a pharmacist are unique and can at times be complex. But, you must not worry about obtaining a pharmacy loan. You can seek the support of a dedicated and professionally qualified finance broker who specialises in providing assistance to pharmacists seeking a loan. He/she will understand your situation and help you in obtaining a suitable loan.