$820K Optometry Practice and Real Estate Acquisition

Date:
January 25, 2019
Practice Type:
Optometry Practice
Loan Scenario:
An experienced Optometrist was looking to purchase a successful practice in Georgia. The owner was looking to sell the practice and the commercial real estate in one transaction.

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

Loan Terms:
$820K OPTOMETRY PRACTICE & COMMERCIAL REAL ESTATE ACQUISITION, 6.1% 15-YEAR FIXED TERM ON THE PRACTICE ACQUISITION ($566K LOAN AMOUNT), 6.0% 10-YEAR TERM / 25 YEAR AMORTIZATION ON THE COMMERCIAL REAL ESTATE ACQUISITION ($264K LOAN AMOUNT).

Contact one of our experienced Practice Loan Advisors at (800) 318-7125.