Practice Loan Details

Date: September 02, 2016
Title: $3.4MM Pharmacy Acquisition
Practice Type: Pharmacy Practice
Loan Terms: $3.4MM PHARMACY ACQUISITION, 5.50%, (Prime + 2.00%), 10-YEAR TERM

Scenario: Two experienced pharmacists partnered up to purchase a successful two-location pharmacy. They were having a difficult time getting financing for a couple of reasons. They were moving out of state to purchase the pharmacy and they did not currently hold that state licenses required.

They actually were approved with a lender under the condition that at least one of the partners gets the new states licensing. Unfortunately the seller did not want to wait for this process to unfold and they needed to move fast or they would lose the opportunity to purchase the pharmacy.

At 1st Med Financial we saw that the pharmacy was very strong and could still qualify even if they kept additional pharmacists on the payroll. We were able to get the partners financing and close in under 60 days from the first conversation we had.

100% SBA 7(a) Practice Financing Structured to provide for the acquisition of the pharmacy along with working capital needs.

Closed: 9/2/2016



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