August 12, 2016

Optometry Practice

A successful Optometrist was looking to purchase an office building to relocate his practice into. The issue he was having was finding financing due to a short sale he had in 2010. He came to 1st Med Financial to see if any options were possible.

1st Med Financial had numerous conversations with the doctor to dig in and understand his situation. We were able to see that the short sale was due to the financial crises and he did his best to hold off on the short sale until it was absolutely necessary. This helped the underwriting process and eventually getting approved for the loan.

100% SBA 7(a) Practice Financing Structured to provide for the purchase of the office building, improvements and equipment and working capital needs.

$1.15MM OPTOMETRY PRACTICE REAL ESTATE ACQUISITION, 5.75% (Prime + 2.25), 25-YEAR TERM