They actually were approved with a lender under the condition that at least one of the partners gets the new states licensing. Unfortunately the seller did not want to wait for this process to unfold and they needed to move fast or they would lose the opportunity to purchase the pharmacy.
At 1st Med Financial we saw that the pharmacy was very strong and could still qualify even if they kept additional pharmacists on the payroll. We were able to get the partners financing and close in under 60 days from the first conversation we had.
100% SBA 7(a) Practice Financing Structured to provide for the acquisition of the pharmacy along with working capital needs.
Closed: 9/2/2016
Please contact one of our experienced pracitce loan advisors at 800-318-7125.