Dental practice loans available to assist your practice same day or net day with any financing needs. Easy application and closing. A dental practice can also get working capital against the the sales of the practice. Low credit scores below 500, tax liens, and existing cash advances can be approved. Fast approval.
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.
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 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.
How can I qualify for a loan using my dental practice?
– $7,500 to $250,000
– 3 Months Time in Business
-Below 500 credit score
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’s, Frequently asked questions:
Question: I need a loan on a dental practice. How long does the process take?
Answer: The entire dental practice loan takes approximately four to six days from start to finish. Funds are wired into the customers business account on the last day.
Question: What is the amount we can qualify for?
Answer: The amount your business has the opportunity to qualify for in this Dental Practice Loan depends primarily upon the time in business, the business credit, the credit of the owner(s), and the amount requested. Other factors may include the company’s cash flow, and bank account statements. All of these factors may not come into play for any given request.
Question: Will a signer, or guarantor be required, or can the request be approved just in the name of the company?
Answer: If one signer has 51% ownership, this will be enough in most cases.
Question : What if we are approved and then realize we need more funding?
Answer: If your practice is funded $50,000 and then realizes it needs more, a second dental practice loan segment can be requested. Many dental practices realize that they needed more funding than the original request. In such instances, the practice can simply request another part for whatever they need. This happens in many cases and is common. Many existing customers have two loans on the books.
Answer: The minimum is $5,000
Question: Can I pay it off early and get a discount?
Answer: This will depend on when you pay it off and how your repayment history
has been until the time you paid it off. If the repayment record is clean then a discount
is normally offered. The discount normally is up to 5% to 10% off the total of the payment.
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.
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