| Date: |
February 02, 2016 |
| Title: |
$950K Optometry Practice 2nd Location Start-UP |
| Practice Type: |
Optometry Practice |
| Loan Terms: |
$950K OPTOMETRY PRACTICE 2ND LOCATION START-UP, 6.85%, 10 YEAR TERM - FIXED RATE |
| Scenario: |
An experienced Optometrist in Alabama was looking to start-up a second practice closer to his home. His first practice has been thriving for over 12 years but it was almost an hour away from his home. He wanted to bring in an associate at his current practice for a couple days a week and split up his time between the 2 practices.
When the doctor came to 1st Med Financial he was having trouble securing financing for his second practice and a number of lenders wanted him to put money down.
1st Med Financial worked with him and was able to get the doctor 100% financing. Besides getting him financing the 2nd location start-up, 1st Med also was also able to consolidate the current debt and actually increase the doctor's cash flow.
SBA 7(a) Optometry Financing Structured to refinance all outstanding debt on the current practice, build-out for the 2nd location, equipment and de working capital.
Closed: 02/02/2016 |
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