Medical Practice Financing Options
Below are few NON-SBA Medical Practice Financing Options:
1. East Coast Medical Practice Financing:
Below Market Financing is available for Medical, Dental and Veterinary practices in all states on the East Coast.
Rates as low as 4% FIXED for 10 years are currently available. Funds are available for refinancing existing practice debt, purchase/acquisition of an existing practice as well as start up for qualified doctors with at least 2 years clinical experience and strong personal credit and collateral.
For more information contact: John King at 1-800-414-5285
2. Nationwide Financing for Medical Professionals:
Dentists, Medical Doctors, Optometrists, Opthamologists, Veterinarians and Pharmacists
- Minimum Credit Score: 675
- Global Debt Service Coverage Ratio: 1.20 or better
- Fees: ¼ point to ½ point
- Prepayment Penalty: typically 1 year
- Practice Purchase
- Partnership buy-in or partner buy-out
- Practice Start-up Loans for dentists and veterinarians and practice expansion loans (2nd location) for Medical and Optometry. (Available with deferred or graduated payment options).
- Equipment and Tenant Improvement (TI limited to 30% of loan amount)
Both FIXED and Variable Rate Loans available with amortization of 3 to 20 years. Variable rates can adjust at 3 or 5 years.
3. “Fast App” (Application Only) Loans
Application only loans are available to medical doctors, dentists, veterinarians and optometrists for equipment and tenant improvements up to $200K assuming a 700+ credit score.
- Loans are for existing practices that are at least 2 years old.
- Terms are 3 to 7 years.
- The tenant improvement portion is limited to 30% of the loan amount.
- Working capital loans are available up to $50,000.
- Competitive rates
4. Quick Close “Signature” Loan
This is a quick close working capital loan with no (hard) collateral required.
It can be relatively expensive, but it can provide a decent fix to a short term cash need and the whole process is handled electronically.
Doctors who have used the program have found it helpful in the following situations:
- meeting payroll
- hiring additional staff
- consolidating debt
- equipment purchase
- tenant improvements
- Rates start at 8.99 % for 720 plus credit scores (higher “double digit” rates for lower credit scores)
- Maximum Loan: $200,000 ($20,000 minimum)
- Moderate pre-payment penalties
- Doc prep fee $2000 (this fee is financed so there is no out of pocket)
- 7 year term
- Approval within 3 business days of receipt of loan documentation
Loan can fund in as little as 5 days
- Minimum credit (FICO) score of 660
- Minimum income of $150,000
- Valid medical license (good standing)
- Maximum Debt to Income ratio of 65% or less Debt 45% of income
For more information about qualifying contact:
John King at 1-800-414-5285