| Date: |
September 13, 2016 |
| Title: |
$1.18MM Dental Practice Debt Consolidation |
| Practice Type: |
Dental Practice |
| Loan Terms: |
$1.18MM DENTAL PRACTICE DEBT CONSOLIDATION. 6.25%, (Prime + 2.75%), 10-YEAR TERM |
| Scenario: |
A successful dentist was looking to consolidate his practice loan, business credit cards, and high interest rate working capital loans that had been taken out in prior years. He wanted to have all his debt consolidated into one low monthly payment.
The issue he was having was that in prior years he had to take out a number of working capital loans. These loans were short term and had high interest rates. He fell into the cycle where every 9 to 12 months he would need to refinance them with similar loans. Even though his practice was very successful he was having a cash flow problem because of the very high payments. He was also having a hard time consolidating into one loan with a longer term at a fair interest rate. That is when he came to 1st Med Financial.
We worked with the dentist and were able to consolidate the loans into one easy payment of $13,500 a month. This saved him over $17,000 a month in cash flow or $204,000 annually.
SBA 7(a) Dental Practice Financing Structured to refinance all outstanding debt, business credit cards and working capital.
Closed: 09/03/2016 |
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