Q & A: 100% Financing for Medical Professionals

Q: 100% Doctor Financing, how does it work? Do you have an intake form or prequel form you would like to see?

CommercialLendingPros.com: This is a special SBA loan program. Here's a flyer and our standard SBA loan application form with the checklist of documents needed to pre-qualify a loan request.

Please note that this program usually requires a doctor to come to closing with up to 10% of the total project cost (unless he/she can document they've already invested that much or have that much equity in the land) and then he/she is reimbursed after closing for most of that amount with "working capital".  So it ends up being at or about 100% financing but they may need at least 10% IN LIQUID ASSETS TO COME TO CLOSING WITH - DEPENDING ON THE SPECIFICS OF THEIR SITUATION.

Q: What do you mean reimbursed with working capital?  Is the 10% available as a line?  I can see some doctors using personal funds to qualify but interested in returning the funds to where it was taken from after closing.

CommercialLendingPros.com: With this SBA loan program we can finance real estate acquisition, build-out, inventory, equipment and working capital. So, for example, if a doctor was opening up a new office and the TOTAL COST for all of the above mentioned items was $700,000, with a breakdown of :

$550,000 for real estate purchase

$40,000 for build-out

$15,000 for furniture and fixtures

$40,000 for equipment

$30,000 in inventory

$25,000 in working capital for 1st year salary for a receptionist / office assistant

The doctor would come to closing with $70,000 (10% of total cost of project) but get back $55,000 after closing to cover the cost of inventory and "working capital" to pay for the office assistant. The doctor ends up getting more than 100% of the real estate purchase financed and somewhere between 90% and 100% of TOTAL COSTS financed.

I hope that helps you better understand how the program works. Don't hesitate to call or email if you have any additional questions.

Tony DeCresie

Commercial Capital, Ltd.

Your #1 Source for Business & Commercial Loans

Office: 863-298-8900 Fax: 863-877-4456 Cell: 813-833-3132

Email: mailto:loans@loans@CommercialLendingPros.com

Website: http://www.commerciallendingpros.com/

Your #1 Source For Commercial & Business Financing

Where's the Money? Answers from the Experts

From the Experts at CommercialLendingPros.com:

This is what the lenders of money are saying:

• Commercial construction loans for condominiums, condo-conversions or residential home developments will be very tough in this unstable market. There is a new program with funds available but only the strongest of these deals have a chance to get funded. Visit http://commerciallendingpros.com/Breaking_Financial_New.htm
  
• Financing for gas stations and restaurant purchases and start-ups will be tough.
  
• Funds are still readily available for multi-tenant properties like apartment buildings, office buildings, strip centers, shopping malls, mini storages, etc. Existing income producing properties with a verifiable track record of cash flow are the preferred property types right now for most lenders.
  
• Unsecured Business and Personal Lines of Credit are getting tougher to approve. Absolute minimum credit scores (all 3 bureaus) are 700+. Absolute minimum time in business is 2 years. But to secure amounts above $100,000, your prospect better have mid-700’s or higher scores and be in business a lot longer than 2 years. Also, business owners who are Realtors, real estate investors, contractors or are in any other business where the industry is considered “depressed” – may get denied even with excellent personal credit unless they are willing to document income with tax returns.
  
• The best Venture Capital sources seem to have tightened their purse strings extensively and become very picky. Funding for venture capital and joint venture projects is very difficult right now.
  
• Accounts receivable financing and merchant credit card cash advance programs are still going strong with very flexible guidelines, easy approval and quick funding.
  
• Our Interest Only / No Doc loan program for small loan amounts is also very strong right now. $150,000 - $300,000 loan amounts for investment properties. $150,000 - $600,000 for owner-occupied properties. No minimum credit score requirements. No income verification required. Maximum 60% - 65% loan to value. As long as you stay within the loan amounts mentioned above.
  
• No income verification loans are still available but maximum loan to value is currently 70% for purchases of most commercial property types and 60% -65% LTV for refinances. Maximum loan amounts typically can not exceed $1 million for these programs.

Call us today if you have a loan scenario you would like to dicuss: 863-298-8900 or 813-833-3132. Or visit our website and fill out a short pre-qual form at: http://commerciallendingpros.com