March 21, 2019

Optometry Practice

An experienced Optometrist in Florida was looking to purchase land and construct a new office for his second location. The problem he was having was that his current bank wanted him to wait a few more years before lending additional funds for a construction project.

That is when he came to 1st Med Financial. After numerous phone calls and meetings we felt that the doctor was ready to expand with a second location. About 4 years prior he completed his first construction project and has been extremely successful. He had experience in these type of projects and understood the process.

We were able to secure him 100% of his financing needs with 100% SBA 7(a) Practice Financing structured to purchase land, construct new building, new equipment, working capital and loan related soft costs. 12-month interest only followed by P&I payments.

Closed: 03/21/2019

$2.35MM OPTOMETRY PRACTICE 2ND LOCATION RE CONSTRUCTION PROJECT, 7.25% (Prime + 1.75), 25-YEAR TERM