Practice Loan Details

Date: May 29, 2014
Title: $1.24MM Optometry Practice Construction Project
Practice Type: Optometry Practice
Loan Terms: $1.24MM OPTOMETRY REAL ESTATE CONSTRUCTION, 6.00%, (Prime + 2.75%), 25-YEAR TERM

Scenario: An experienced Optometrist was looking to purchase land and construct a new office so he could relocate his practice. The new location was approximately 6,000 square feet. Time was of the essence as his current lease only had 7 months remaining.

The optometrist 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, purchase furniture, fixtures, working capital and loan related soft costs.

9-month interest only during construction followed by P&I payments.

Closed: 05/29/2014



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