Chartered and certified Accountants
Solicitors and Barristers
Doctors, Dentists and Vets
Chartered Surveyors
Opticians
Pharmacists
Osteopaths
OWNERSHIP
All borrowers to be in private practice and self-employed or shareholding directors of limited companies undertaking a professional service
PURPOSE
Purchase of a practice, block of fees, practice share, refinance of existing professional practice loans, development of a new practice by an established practitioner
LOAN SIZE
Up to 100% of facilities requested
Minimum of £25,000
Maximum of £150,000 per practitioner or £500,000 collective limit per practice
INTEREST
Subject to negotiation but expected to be in the range of 1.5 - 3% over the Bank base rate available on request
REPAYMENT
Capital and interest - Optional repayment holidays of up to 12 months endowment, pension, ISA
LIFE COVER
Term life assurance and endowment if appropriate to be assigned in all cases: PHI to be considered
TERM
Maximum 20 years, maximum age of youngest partner at expiry of the loan term - 70 years
ACCOUNTS
A minimum of 2 years final accounts for the firm to be provided
© Lextel Services To Industry Llimited 2004