Practice Loan Details

Date: July 08, 2016
Title: $840K Dental Practice Debt Consolidation
Practice Type: Dental Practice
Loan Terms: $840K DENTAL PRACTICE DEBT CONSOLIDATION. 6.25%, (Prime + 2.75%), 10-YEAR TERM

Scenario: A successful dental practice, which was owned by a husband and wife team was looking to consolidate their practice loan, business credit cards, and a high interest rate working capital loan that had been taken out in prior years. They wanted to have all their debt consolidated into one low monthly payment. The issue they were running into was that in 2008 they had a financial hardship because of medical issues that came up in their family. They had to short sell their home in 2008. Because of this they were turned down by a number of conventional options.

The only way they could get any equipment or working capital loans after 2008 was through high interest rate loans. When they came to 1st Med Financial their monthly payment was over $18,000 a month.

We worked with the owners and were able to consolidate all of their loans into one easy payment of $9,450 a month. This saved them over $8,500 a month in cash flow or $102,000 annually.

SBA 7(a) Dental Practice Financing Structured to refinance all outstanding debt, business credit cards and working capital.

Closed: 07/08/2016



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