| Date: |
June 04, 2018 |
| Title: |
$1.7MM Dental Practice Commercial Real Estate Acquisition |
| Practice Type: |
Dental Practice |
| Loan Terms: |
$1.70MM DENTAL PRACTICE REAL ESTATE ACQUISITION, 5.95%, 25-YEAR TERM, 5-Year Fixed Resets at Prime + 1.45% |
| Scenario: |
A successful dentist in FL had a great opportunity to buy a building that he could relocate his practice to. The main issue was that he needed to move fast because in this particular area opportunities like this do not come up often.
When he came to 1st Med he explained that he would like to get approved as soon as possible. We had a few conversations with him to understand exactly what he was looking to do. We were able to get him approved in just a few weeks at an amount that would cover the acquisition, build-out, soft costs and additional working capital.
This gave the doctor the confidence he needed in negotiating with the sellers and was able to go under contract on the building.
100% SBA 7(a) Practice Financing structured to purchase the building, build-out costs, new equipment, working capital and loan related soft costs.
6-month interest only followed by P&I payments.
Closed: 6/04/2018 |
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