May 21, 2019

Optometry Practice

An experienced Optometrist in Las Vegas was looking to relocate his practice. He wanted to do ground up construction on a site that he had his eye on for a long time.

The problem that the doctor was running into was that he just recently bought out his two other partners. The banks he spoke to said they either want to wait a few years or he needed to inject a large down payment.

That's when he came to 1st Med Financial. After a number of meetings we understood the details of the project and his growth projections. We were able to line up 100% of the financing

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: 5/21/2019

$3.56MM OPTOMETRY PRACTICE COMMERCIAL REAL ESTATE CONSTRUCTION PROJECT, 7.0% (Prime + 1.50), 25-YEAR TERM, FIXED FOR FIVE YEAR INCREMENTS OVER THE LIFE OF THE LOAN