Whether you’re striking off on your own, expanding your current practice, or buying out your current partner, acquiring a new medical practice is a big professional leap. No matter your situation or current debt and credit status, Legendary Capital Solutions is here to help.
Before you start searching for a medical practice to purchase or hunt for space to lease, take a moment to learn about your commercial financing options. We can help you choose which option is best for you and your current financial situation.
Option 1: Term Loan
A term loan is the most straightforward financing option. You ask to borrow a lump sum of capital, and the lender uses your credit score to determine if you’re a risk they’re willing to take on. If you have a good credit history, a term loan may be a good option for you. Term loans may take less than 12 months to pay off or have a repayment period of five years or more. Since your credit score determines your eligibility and the terms of a term loan, if you have low or no credit, we may be able to find a better option for you.
Option 2: Medical Practice Loan
If you’re a doctor, dentist, or other health care professional, you may qualify for a medical practice loan. It’s no secret that medical students accrue a lot of debt in pursuit of their degree. A medical practice loan takes medical school debt into account, balancing this debt against your future high earning potential.
Option 3: SBA Loan
Did you know medical practices are often eligible for SBA loans? It’s true. If you intend to operate your practice as a for-profit business and do not expect to spend more than $5.5 million for your new venture, an SBA loan may be a great option for you, especially if you’ve tried and failed to secure a more traditional business loan.
Now’s a great time to apply for an SBA loan. In 2021, the SBA is waiving the guarantee fee and the first 3 months of payments, up to $9,000 per month for 7a and 504 loan borrowers. Give us a call to learn more about this incentive.
These are just three common ways medical professionals fund their new practices. Let Legendary Capital Solutions help you find the solution that is the right fit for you. And, if you’re looking to fund new equipment or consolidate your debts, we have options for you, too. Help’s just a phone call or email away!
Disclaimer: The contents of this website do not constitute financial advice and are provided for general information purposes only. If you require specific financial advice, you should contact a financial advisor. We can only advise on the basis of specific client instructions and are unable to offer financial advice by email to people who are not our clients. To learn how to become a client of Legendary Capital Solutions, please contact us.
