Practice Loan Details

Date: November 29, 2016
Title: $790K Optometry Practice Real Estate Acquisition
Practice Type: Optometry Practice
Loan Terms: $790K OPTOMETRY PRACTICE RE ACQUISITION 25-YEAR TERM, 6.0%, (Prime + 2.25%), 25-YEAR TERM

Scenario: A successful Michigan Optometrist who 1st Med Financial had recently secured financing to purchase his 2nd practice location now had the opportunity to purchase the commercial real estate. The issue that the doctor was having was from a bankruptcy he had a number a years ago.

1st Med Financial had worked with this doctor about 6 months prior to help him secure conventional financing for the practice. We already understood what caused the bankruptcy and that he has turned around his financial situation. This allowed us to get the doctor financing in a very short period of time which was important because both the sellers and the buyer wanted to close before the end of the year.

100% SBA 7(a) Practice Financing Structured to provide for the purchase of the office building, improvements and equipment and working capital needs.

Closed 11/29/2016



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