| Date: |
January 19, 2018 |
| Title: |
$1.62MM Veterinary Practice Debt Consolidation and Construction Project |
| Practice Type: |
Veterinary Practice |
| Loan Terms: |
$1.62MM VETERINARY PRACTICE REAL ESTATE CONSTRUCTION & DEBT CONSOLIDATION, 6.00%, 25-YEAR TERM, 5-Year Fixed Resets at Prime + 2.00% |
| Scenario: |
An experienced Veterinarian in Florida was looking to purchase land and construct a new office so he could relocate his practice. The timing of the deal was important as he wanted to close and construct the new building as soon as possible so there would not be any issues with his current lease. The practice was doing amazing and increasing revenue every year. The main issue the doctor was having was a prior bankruptcy that took place about 7 years earlier.
The Veterinarian had started talks with the developer when he contacted 1st Med Financial. We discussed his available options and made sure that the project would be viable from both a cash flow and time-frame perspective.
100% SBA 7(a) Practice Financing structured to purchase land, construct new building, new equipment, working capital and loan related soft costs and consolidate his current practice loan.
12-month interest only followed by P&I payments.
Closed: 01/19/2018 |
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