SBA 7(a) Loan Program

An SBA 7a Loan is a great tool for a business to use when considering purchasing, building or renovating owner-occupied commercial real estate. The SBA 7a Loan can also be used for non-real estate practice only transactions, such as start-up, acquisition or expansion. With loan limits ranging from $350K to $5 Million, many practice loan requests will fall into this range and 1st Med Financial is here to help.

An SBA 7a Loan can be used for the following:

Purchase, Remodel or Expand your practice
Refinance or Consolidate practice Debt
Purchase or Refinance Equipment Debt
Construct, Expand or Improve Commercial Real Estate
Purchase or Refinance Commercial Real Estate
Working capital needs

In order for your practice to meet the eligibility requirements for a SBA 7a Loan, it must be for-profit and located in the United States with a net worth less than $15 Million and/or net income after taxes of less than $5 Million. If you are using the fund for real estate, you must occupy or plan to occupy 51% of the real estate as SBA funds are not for investment properties

Program Highlights

640 minimum credit score

loan amounts from $250k to $5 million

practice must occupy 51% of the property

interest rates start at prime + 1.50

low down payment - up to 95% financing available

25 year term with real estate / 10 year term practice only

Guidelines:

Use of Proceeds

Real estate - purchase, construction, renovation or refinance of commercial real estate.
Practice Acquisition - business, franchise or professional practice.
Machinery & Equipment - purchase or refinance.
Working Capital - up to $250K

Terms

Practice with Commercial Real Estate
*Up to 100% financing
* 25 year term
* Prepayment penalty 5% 1st year, 3% 2nd Year, 1% 3rd year (allowed to pay up to 20% of principal yearly without penalty).

Practice Debt Non-Real Estate
*Up to 100% financing
*10 year term
* No prepayment penalty

SBA Guarantee Fee is paid directly to U.S. Small Business Administration and finance into the loan. Amount varies based on loan guarantee amount. Other customary fees also apply

All 7a loans are fully amortized and are assumable

Loan Proposal Issued In 24-48 Hours Guaranteed! 

At 1st Med Financial, we pride ourselves on guiding each client through the often challenging and confusing process of Dental Practice Financing. Our Dental Practice Loan Specialists have over 35 years of combined lending experience and will work with you to evaluate the financial feasibility of the opportunity you are considering.

To speak with one of our practice financing specialists and learn more about the SBA 7(a) Loan program,, call us TOLL FREE at 800-318-7125 or click here to get started online.

Quick Quote!

Practice:
Purpose:
Name:
Phone:
Email:
State:
Available:


1st Med Advantages


  48 Hour Pre-Approvals
  Direct Industry Knowledge
  Streamlined Closing Process
  No Up-Front or APP Fees Ever!

Recent Closings

Dec

13

2018

Nov

09

2018

Oct

23

2018


Recent Testimonial

"We recently closed a practice acquisition loan and a real estate loan with Mike Furlong and 1st Med Financial. Having shopped the deal with several local banks and other medical lending institutions, we knew that the conditions and circumstances of the deal were far from ideal.

Mike provided the insight and experienced needed to not only obtain financing, but at rates and terms that far surpassed our expectations. Mike was an absolute pleasure to work with and we would highly recommend him to anyone looking for medical financing."

Dr. Kayla Shipman, DVM