July 22, 2016

Optometry Practice

An Optometrist was looking to purchase a 2nd location practice and was having a difficult time securing financing.

The doctor approached 1st Med Financial for help. He had a couple of credit issues including a bankruptcy back in 2005. He was already turned down from a couple of large banks.

After numerous conversations with the doctor we were able to understand what caused the bankruptcy and that he has really turned around his financial situation. He even started up a smaller practice from scratch since then. We were able to help him overcome his past credit history and get the loan closed.

100% Conventional Practice Acquisition Financing structured to cover the practice assets, goodwill, & working capital of $50K.

Closed: 07/22/2016

$600K OPTOMETRY PRACTICE ACQUISITION, 5.75%, 10 YEAR TERM - FIXED RATE