The issue the borrower was running into, was that he needed close to 100% financing and the seller was only willing to hold-back a note for 5%. He also wanted conventional financing which made it more difficult on the commercial real estate side of the loan. That is when he came to 1st Med Financial.
We were able to structure the deal into one practice loan for 100% financing. We also got him a Commercial real estate loan where he put 5% down and the seller held a note for 5%. Since the commercial real estate was less then half the practice price, the down payment and seller note were minimal in comparison to the overall debt.
Conventional Optometry Practice Financing structured to purchase the practice and the commercial real estate.
Closed: 01/25/2019
Contact one of our experienced Practice Loan Advisors at (800) 318-7125.