| Date: |
October 17, 2017 |
| Title: |
$1.39MM Optometry Practice Commercial Real Estate Acquisition and Debt Consolidation |
| Practice Type: |
Optometry Practice |
| Loan Terms: |
$1.39MM OPTOMETRY PRACTICE COMMERCIAL REAL ESTATE ACQUISITION AND DEBT CONSOLIDATION, 5.67% 10-YEAR FIXED TERM ON THE PRACTICE DEBT ($845K LOAN AMOUNT), 5.67% 10-YEAR TERM / 25 YEAR AMORTIZATION ON THE COMMERCIAL REAL ESTATE ACQUISITION ($548K LOAN AMOUNT). |
| Scenario: |
A successful Optometrist in Arizona was looking to purchase the commercial real estate that he was currently leasing. This was a great opportunity and would increase the doctor's cash flow.
The issue that the doctor was having was that he could only find an SBA option for 100% financing. He was not happy with the SBA terms and conditions. That is when he came to 1st Med financial.
After reviewing the practice, 1st Med spotted an opportunity for the doctor. Since the practice was very successful we were able to move some of the debt that was going to go on the purchase of the real estate onto the practice. This allowed us to get the LTV to an acceptable range to get conventional financing for the commercial real estate.
Conventional Optometry Practice Financing structured to to refinance the practice purchase the CRE.
Closed: 10/17/2017 |
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