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 all be approved. Apply Below Now
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.
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The SBA offers assistance for business plans and financial statements.
Get a chiropractor practice business loan that almost all practices can qualify for. Programs include loans based on your practice’s gross sales, total deposits, practice assets, or equity in real estate.
Approvals as low as $2,600 and up to $1,000,000 or more with no restrictions on the use of funds.
Use the funding like an loc line of credit. Your practice can borrow, repay and borrow again in many cases when there is a need.
Limited paperwork. Just a one page application and most recent (3) months bank statements. Same day closings available.
Use the funds to increase revenues of the practice such as hiring more employees, advertising, expansion, increasing office space, and any other reason.
No upfront processing fees or upfront application fees.
How to get a chiropractor practice loan
Step 1 Search for lenders that offer chiropractor practice loans. Review program options and consider how the program can help your practice.
Step 2 Tip Practices that have operated for more than one year can qualify for better terms.
Step 3 Review your chiropractor practice profile to the funding programs available. Select a short list of programs that will do the most for your chiropractic practice.
Step 4 Contact the lenders to determine as best as possible whether your chiropractic practice will be approved if you apply. Also confirm the advertised program benefits.
Step 5 Pick one or more programs and submit an application for financing. Provide any documentation that strengthens your request even if it is not required. This can include financial statements, tax returns, or other information.
Step 6 When you receive an offer, review all the terms and conditions. If you are ready to close, provide all documentation required for closing. Check if there is a right of recision period.
Frequently asked Questions:
Question: What if we need more medical financing than we are approved for?
Answer: A second additional funding can be considered. If the practice has the cash flow for more funding, then more funding can be approved. A practice that qualifies for $50,000 can close the 1st transaction, then get a 2nd position for $25,000 for a total of $75,000.
*TIP: A second part or second transaction is often called a “2nd position”.
Question: Our chiropractic practice does not have assets and revenues are only about $225,000 per year. Can we get an offer?
Answer: A practice with little assets and sales of $225,000 per year may still qualify for up to $25,000 based on the cash flow and customer profile.
What ownership percentage is required for a chiropractor practice business loan?
a minimum 50% ownership is required. When there are 2 owners at 50% ownership, the stronger credit of the two 50% owners should be listed 1st. the weaker credit should be the co-applicant.
If one of the owners has very weak credit then only the strong credit applicant should be on the application.
Are financials required?
Financials are not required for transactions under $250,000. No tax returns, personal financial statements, or interim statements are requested in almost all requests under $150,000. For requests over $250,000, the practice may want to provide financials to strengthen the chance for approval and the approval amount.
Learn how to get funding for your practice with any problems. Apply today and get funding the same day or the next day.
Any type of financing a medical practice obtains to either establish or grow the practice. Get practice practice financing based the sales of the practice or on equity in business assets such as accounts receivables or real estate. Fast closings. Chiropractor practice business loans are included.
Find lenders online that specialize in medical practice loans. Evaluate the program features and benefits including how long the process takes and time to funding.
Medical practices that have been operating for one year or longer will get higher approval amounts and better terms. Approvals are available with as little as 3 months time of operation.
Match your practice to the loan programs available. Go with the one that best matches your medical practice characteristics. For larger practice loans over $100000 quick funding in 1 or 2 days is still available.
Contact matching lenders to review loan options and requirements. Talk with a representative about your specific medical practice loan qualifications and needs.
Submit an application. Try to provide any documents that show the strength of your medical practice. This can include the most recent bank statements as well as interim financial statements and tax returns. Other strengths include a profit and loss statement and personal financial statement. If your practice has this documentation and it makes your practice look stronger then you will want to provide these items even if you are not required to do so.
Look over any approval offer including conditions and closing requirements. Provide items required for closing and funding. Complete the transaction and receive funding into your practice account.
A significant tax savings will can be realized in this medical practice loan against equipment, by being arranged in part as a lease. This allows for a significant tax savings over a traditional loan. The borrower obtains working capital for their business via the equity in their equipment as opposed to having full ownership in their equipment.
Same day and next day funding.
Minimal paperwork and fast closing
Processing time is one to three days. After approval, time for funding is approximately one to three days. If more funding is needed, additional funding can be arranged with additional funding “parts” or “segments”. Total funding that can be obtained is typically in the $150,000 to $250,000 range.
Due to constant advances in the medical field, medical equipment equipment depreciates quickly. Many types of medical equipment becomes totally obsolete in a short amount of time. However, Small Business Loans Depot can utilize medical equipment that has undergone full depreciation and is several years old.
How to get a medical practice loan. Fast and easy loans for medical practices. Same day or next day funding for many practices. Minimal paperwork and fast closing. Medical practice types include hospitals and urgent care facilities as well as pediatric practices and home health care facilities. The most recent tax return and interim financials may not be required in many cases
Gross sales cash flow loan – This financing product may be very desirable for medical practices as it is based on the gross sales and cash flow of the practice. Medical practices often have significant cash flow, so this product can provide significant working capital to the practice.
This medical practice loan product is used, in effect as a line of credit. The practice provides the most recent 3 months business checking account statements and a one page application. The average daily collected balance, the amount and number of deposits per month, beginning balances, and ending balances are reviewed in order to determine the approved amount.
The customer sends in the 3 months business checking account statements and one page application. Upon approval, the customer is e-mailed documents. The customer completes the documents and faxes them back in. A final landlord check and verbal verification is completed. Funds are wired into the customer’s account within 1-3 business days.
Repayment terms on this medical practice loan range from 3 to 18 months. Once the customer satisfactorily repays the line, the line size is increased. The customer is not obligated to use the available line. They can reuse the line immediately or leave it idle for any amount of time.
In most cases, financials and bank statements are not required. However, if the customer’s financials or bank Statements are strong, the customer can opt to provide to strengthen their application. If the customer has a strong credit bureau score of over 700 or over 725, financials may not be requested.
Although there is a certain dollar amount above which financials are requested for this form of financing, there is often some discretion used by the lender. If the customer has a credit score of 750, then the lender may consider an extra $10K or $20K without requesting financials for a medical practice loan compared to a customer with a 675 credit score.
The lender has guidelines that they follow but they do have the authority to stray from the guidelines to a degree if they can justify it.
The following video provides an overview of the medical practice loan program as well, including features and benefits.
FAQ Frequently asked medical practice loan questions
We need a medical practice loan immediately. How fast can we get approved and close?
Approvals can be obtained as fast as 2 or 3 hours. After approval if completed closing documents are returned immediately then funding can be as fast as the same day or next day.
What is the maximum loan amount our practice can get?
The maximum is determined by the cash flow and revenues of the practice and also the time in business and credit. Bank balances and the assets of the practice can also be important in approval and terms.
What are the requirements for a medical practice loan?
The requirements for a medical practice loan are a minimum of three months time in business and revenues over $10000 per month. Other requirements include having enough cash flow to make the payment. The repayment may be monthly or weekly or daily. The revenues as well as expenses and net income may be looked at to make sure the practice can afford any payment required. After expenses the practice needs to have enough cash flow to show that the payment can be made.
Can we get funding the same day or next day?
Same day funding is possible if you apply early in the day and immediately provide any information required. Documents should be completed and returned immediately including any closing requirements.
Our practice needs to constantly borrow and really needs a line of credit. Can we get a line of credit?
If your medical practice needs to borrow a lot for different things then a line of credit or similar type of line will work best. Many of these borrowing products allow you to borrow then repay before you have repaid the full amount. Your medical practice can borrow again after repaying between 50% and 75% of the original balance. For some borrowing options your medical practice can borrow after every month of repayment.
What do we need to provide to close the loan?
Closing requirements are usually items such as proof of ownership of the practice or business. Proof of ownership is a copy of a business license or articles of incorporation. The Physicians license with the state the practice operates in may also be required. Other closing items may be landlord contact information, a copy of a voided business check and drivers license.