Dental Practice Loans
A dental practice loan is available now to assist your practice same day or net day with any financing needs. Easy application and closing. The practice can also get working capital using gross revenues.
Call 919-771-4177 for more info.
This loan against dental practice sales can obtain significant funding amounts. Just use the existing sales your dental practices already has to qualify. Almost all practices should be able to obtain funding through this program. Other unsecured and asset based medical practice loans are available.
How to get a dental practice loan:
Step 1 Find lenders online that specialize in dental practice loans. Review the program features and benefits including ease and speed of the application process and closing.
Step 2 Practices that have been operating for 1 year or longer can qualify for better programs. Some dental practice loan programs offer approvals with as little as 3 months time of operation.
Step 3 Compare your dental practice profile to the loan programs available, and pick the one that best matches your dental practice. For larger practice loans over $500,000 and above, a financial package that includes 2 years business returns and interim financial statements may be requested.
Step 4 Contact matching lenders to discuss borrowing options and requirements for your specific dental practice.
Step 5 Submit an application for financing. Furnish any other documents that show the strength of your practice.
Step 6 For any approval you receive, review the term sheet which includes conditions and closing requirements. Submit items required for closing and funding.
Complete the transaction and receive funding into your practice account.
No application fees or upfront fees.
More difficult transactions are done routinely
The financing process generally takes 2 to 5 business days.
If a Dentistry Practice is profitable and has equipment assets, it is to the Practice’s benefit to use the equity in their equipment for other business needs, rather than to leave the equity in the equipment.
For this program based on the gross sales of the business, the funding is based primarily on the most recent cash flow of the business.
The dental practice provides a one page application and the most recent 3 months complete business checking accounts statements. Credit is only a minor factor for this program. Credit bureau scores of 500 and higher are acceptable under this program. In some cases, scores lower than 500 may be accepted.
Once the statement are received, the main numbers that are looked at for each month are the average daily balance, the total dollar amount in deposits per month, the number of deposits per month. The beginning and ending balances are reviewed however they are not main considerations in the review.
FAQ Frequently asked dental practice loan questions:
Question: How long does it our practice to get funding?
Answer:The entire process takes about one to two days from application to funding for most customers. Funds are wired into the practice business account the same day as closing.
Question:How much will a low credit score affect our request?
Answer: Getting your dental practice approved depends mostly on the cash flow of the practice. The credit is not as important and scores below 600 can still get offers. Higher scores allow for longer term offers.
Question:Can we use the money to pay taxes and meet payroll?
The capital can be used for any reason, including taxes and payroll.
Are there early payoff options?
Discounts depend on when it is paid off and how your repayment history has been. If the repayment record is clean then a discount is normally offered.
The following video provides further general information on dental practice financing. This includes features and benefits such as using the practice’s existing equipment, the $10,000 to $125,000 ranges, time frames to funding, ease of application, how the program can be combined with other funding programs if the dentist wants to get more funding.
The SBA offers assistance for business plans and financial statements.