Professional Practices

What is Professional Practices?

The sectors of law, accountancy and architecture provide strong foundations within the UK professional services markets and many banks will provide a different funding structure than a typical trading business.

Types of Funding

Professional practice funding needs will typically fall into the categories of:

We work with an extensive panel of lenders and we are well placed to advise on the most appropriate solutions across various products. It’s really important that a broker fully understands your needs so they can make appropriate recommendations and that’s where Funding Friends many years’ of experience counts.

Whatever your needs we would love to have a conversation so please contact us here.

Pricing

Loans of this type are typically priced as a lender margin over the Bank of England Base rate (often just called “the base rate”) or over LIBOR.

Margins charged by lenders are typically from 2.5% upwards. There is usually an arrangement fee of 1% of the loan value upwards. Some lenders charge early repayment fees. Lenders offer both variable and fixed rates.

Support

Despite the challenges during Covid times, the professional sectors have remained resilient and are well placed for growth. As such it’s important to have a Funding Friend on hand as your business evolves to ensure your funding structure remains the most suitable and is competitively priced.

Increasingly in post-Covid times we see the markets will be active with opportunities not only for organic growth but also with acquisitions and consolidations.

Other Costs

A professional valuation (PV) will be required, this will be instructed by the lender, normally at the borrower’s cost. Most lenders require you to have a solicitor to complete the legal work, if you are buying a property then the same solicitor can respond to the bank’s requests. We can help you find a solicitor if you require. Property purchases are usually subject to Stamp Duty or VAT, which can potentially be funded as part of your funding requirements.

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Steve Carter

Nathan Foster / Funding Friends

We worked with Nathan Foster on a complex refinancing deal. He worked tirelessly to deliver a solution, staying positive despite all the bumps in the road, and we ultimately achieved a very successful outcome. I would happily recommend Nathan and Funding Friends to others.

Ross McDonald

Expert Advice and Support from Andrew Robertson

Andrew Robertson was a source of constant support in this process. Always willing to help and advise, he was at the end of a call or email for what seemed 24/7 during this our funding application. Knowledgeable, diligent and thoughtful, he helped facilitate achieving our funding goals and helped us persevere through some tougher challenges. I would highly recommend him and Funding Friends.

Victoria Sylvester

Lisa Walls-Hester was amazing

Lisa Walls-Hester was amazing. Really supportive and clear, and helped a lot to keep everything moving along. Her credible relationships with lenders and knowledge really helped us to find the right lender to work with.

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Funding Friends is a trading style of Funding Friends Ltd, registered in England No. 12693505

Funding Friends Ltd is authorised and regulated by the FCA No. 935775

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Funding Friends operates as a commercial finance broker and is not a lender. Any finance or products arranged through Funding Friends is entered into entirely at your choice and is at your risk, and you are advised to consult qualified professionals outside of Funding Friends to make the right decision for your needs and circumstances. Your property or other assets may be repossessed if you do not keep up repayments on any debt secured against it. Funding Friends may receive a commission or finder’s fee for effecting introductions to lenders or third parties.