April 17, 2017

Optometry Practice

An experienced optometrist and her husband were looking to purchase a successful practice in Maryland. The owner was looking to sell the practice and the commercial real estate in one transaction. The issue the borrowers were having, was that they needed 100% financing and the seller was only willing to hold-back a note for 10%. They were having a difficult time finding a loan to cover the price with the real estate involved. That is when they came to 1st Med Financial.

We were able to structure the deal in one loan for 100% financing. We were also able to get the loan amortized over 25 years and include $125K in working capital at a low fixed rate.

100% SBA 7(a) Practice Financing Structured to provide for the acquisition of the optometry practice, commercial real estate and working capital needs.

Closed: 04/17/2017

$1.985MM OPTOMETRY PRACTICE & RE ACQUISITION & WORKING CAPITAL, 5.00% (Prime + 1.50), 25-YEAR TERM, FIXED RATE