| Date: |
March 23, 2015 |
| Title: |
$680K Dental Practice RE Construction Project |
| Practice Type: |
Dental Practice |
| Loan Terms: |
$680K DENTAL PRACTICE REAL ESTATE CONSTRUCTION, 6.00%, 25-YEAR TERM, 5-Year Fixed Resets at Prime + 2.75% |
| Scenario: |
An experienced Dentist was looking to purchase land and construct a new office so he could relocate his practice. The timing of the deal was important as he wanted to close and construct the new building and have 1 to 2 months left on his current lease. This would allow him to have enough time to help with the transition. He was also looking for $50K for new equipment and $20K for working capital.
The Dentist had started talks with the developer when he contacted 1st Med Financial. We discussed his available options and made sure that the project would be viable from both a cash flow and time-frame perspective.
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: 03/23/2015 |
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