OPSM franchise loans to set-up optometry practices?!

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22skipper
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Joined: Mon Aug 22, 2016 2:18 pm

OPSM franchise loans to set-up optometry practices?!

Postby 22skipper » Mon Aug 22, 2016 4:18 pm

I am an Optometrist and I have been one for close to 5 years. I have been working in a firm but I want to start my own practice. While researching, I read somewhere that you can set-up an OPSM business with the help of an OPSM franchise mortgage.

Can anyone tell me how much I am allowed to borrow with such a mortgage and for how long the term will be? Thanks.

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Otto Dargan
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Re: OPSM franchise loans to set-up optometry practices?!

Postby Otto Dargan » Tue Aug 23, 2016 10:00 am

Hi 22skipper,

By building a good case and speaking with the right lender, you may be able to get an OPSM franchise loan and borrow up to 70% of the set-up costs or 60% for a new store for an optometry format system or borrow up to 60% of the set-up costs or 50% for a new store for an OPSM full format system and setup your optometry practice.

As per OPSM’s franchise agreement, the loan term will be for 5 years but if you can use residential property as security then this will turn into a standard loan term between 25-30 years. If you want to go interest only, this can be for up to 2 years or more depending on if you're using a residential security property.

In order to qualify, you'll need to be currently earning a good income with little to no debt and have a clean credit file. You’ll also be required to have an accountant approved business plan / business loan proposal which shows revenue and cash flow forecasts.

Reduced business loan rates available depending on the strength of the application and your Loan to Value Ratio (LVR).

You can go through our website to learn more. You can also discuss things directly with an expert franchise mortgage broker by calling 1300 889 743 or enquiring online.

Cheers,
Otto
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts

22skipper
Posts: 2
Joined: Mon Aug 22, 2016 2:18 pm

Re: OPSM franchise loans to set-up optometry practices?!

Postby 22skipper » Tue Aug 23, 2016 4:01 pm

Hi Otto,

I do have a residential property that I can use as security so a standard loan term is exactly what I want. I will likely need help dealing with all this so I will enquire online and wait for your broker to call me to discuss. Bye.


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