Closings Modal| $770K Optometry Practice 4th Location and Real Estate Acquisition

Date:

January 23, 2019

Practice Type:

Optometry Practice

Loan Scenario:

A successful Optometrist in Ohio had a perfect opportunity to purchase an existing practice along with the commercial real estate. This would be this doctor's 4th location.

The issue that he was running into when looking for financing was that the banks were trying to refinance all of his current loans. That is when he came to 1st Med Financial.

At 1st Med, we were able to analyze the practice which had a very strong cash flow. We felt comfortable that this practice was able to support the financing of a loan even with a full time associate working there.

100% Conventional Optometry Practice Financing structured to purchase the practice and the commercial real estate.

Closed: 01/23/2019

Loan Terms:

$770K OPTOMETRY PRACTICE & COMMERCIAL REAL ESTATE ACQUISITION, 5.9% 15-YEAR FIXED TERM ON THE PRACTICE ACQUISITION ($587K LOAN AMOUNT), 5.75% 10-YEAR TERM / 25 YEAR AMORTIZATION ON THE COMMERCIAL REAL ESTATE ACQUISITION ($183K LOAN AMOUNT).