February 14, 2018

Dental Practice

Two successful dentists that already owned a practice were looking to purchase a 2nd location. This location was a General Dentistry Practice right next door to their current practice. The partners were a Pediatric Dentist and an Orthodontist. The owner of the General Dentistry practice adjacent to them was getting ready to transition into retirement.

The two partners saw a lot of symmetry that could be a great opportunity for them. Almost all of their patients were under 18 years old and they typically referred them to the general practice as adults. The issue they were having was that the partners wanted to get a loan with out a bank requiring their spouses to be included (as they had other business interests).

1st Med Financial had numerous discussions with both the borrowers to really understand the transaction and the ultimate goal of all parties. We understood that in this particular case, the sellers were looking for the right banking relationship and that was more important then the interest rate even if it meant it would be a little bit higher.

100% Conventional Practice Acquisition Financing structured to cover the practice assets, goodwill, working capital and $100K for equipment upgrades.

Closed: 02/14/2018.

$1.34MM SECOND LOCATION DENTAL PRACTICE ACQUISITION. 5.61%, 15-YEAR TERM - FIXED RATE FOR 10 - YEAR TERM; ADJUSTS AFTER INITIAL 10 YEARS