| Date: |
December 13, 2018 |
| Title: |
$712K Dental Practice Debt Consolidation |
| Practice Type: |
Dental Practice |
| Loan Terms: |
$712K DENTAL PRACTICE DEBT CONSOLIDATION, 5.98% 15-YEAR FIXED TERM |
| Scenario: |
A successful dentist located in Chicago was looking to consolidate his commercial real estate loan (on the dental office) and his practice loan. He currently had an SBA loan with an adjustable rate. His practice was doing extremely well and he wanted to get into a fixed rate.
The problem he was having was that he could not find a lender that could provide a conventional loan on both the practice and commercial real estate. That is when he came to 1st Med Financial.
Most lenders require a maximum of 80% loan to value on the real estate and it is difficult to refinance SBA loans because of this. We were able to break up the financing into 2 separate loans. We included the 20% needed on the real estate in the practice loan.
Conventional Dental Practice Financing structured to to refinance the CRE loan and to refinance the practice loan.
Closed: 12/13/2018 |
| |
|
|
