Renaissance Asset Finance (Raf), a unit of banking group Arbuthnot Latham, has launched a commercial loan product.

The new offering is designed to support medical professionals including doctors, surgeons, dental practices and dentists and veterinarians among others.

It is non-regulated and can be used by clients to finance office and surgery fit-outs, software systems for practice management and custom equipment such as specialist medical cabinets.

RAF hopes that the new product will strengthen its hire purchasing (HP) and lease facilities for medical equipment classified as hard assets that have a tangible realisable value.

The credit will not be offered for cash raising or general working capital. Customers will be required to mention the supplier at the proposal stage.

Businesses that are older than two years and are members of the relevant regulatory organisation will be eligible for a loan up to £100,000 for a maximum of 60 months.

RAF managing director Mark Lester said: “We are attracted to this sector as it tends to be populated by customers who can demonstrate serviceability of undertaking and high levels of creditworthiness in their affairs. These professionals often require the ability to raise finance for specific assets for business expansion or improvement in systems that support operational efficiency to better serve the needs of their patients.

“The sector is driven by a number of positive factors including health expenditure and consciousness, population and health matters, and affection for pets, with pet ownership having risen during the pandemic. The government has encouraged more private operators to enter the industry in order to relieve some of the pressure on the existing system and introduce greater competition. We are delighted to offer additional services in support.”