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Medical Unsecured Loan Program

Totally Unsecured - No Collateral - No Security: Although this is an application only program to $250,000, 1 year tax return will be required. Two years tax returns may also be required when the total new debt is high or total CBR debt is high.

Credit Scores: Four Tier Program: A+, A-, B & C scores. A score of 620 might be caused by a recent $100 unpaid collection account for the infamous cell phone service that did not work. In reality, most low scores are caused by excessive revolving debt, being over the limit on credit cards, slow pay and recent increases in debt load.

Time Licensed: Minimum time licensed is 1 year, but strong personal credit and tax returns indicating ability to make a decent living as an associate or independent contractor can overcome the 2-year requirement especially if we are only 5-6 months short of 2 years. Little or weak credit with no mortgage or no spousal personal guarantee is a high probability decline. Worth a try regardless since an approval almost always means a sure close with a good point spread since the applicant has few places to go to meet his needs.

First Lien Position: Not required unless the funds from the loan is being used to buy the practice. However, a first lien position may add credit strength if it is available. We take whatever lien position is available when the UCC is filed, but we do not give up that position to creditors who come later.

Other Program Information:

The loan does not restrict the operations of your practice or the ability to buy, sell or lease equipment as needed.

Debt consolidation loans are available at a higher interest rate to cover additional risk.

Life insurance required for loans of $50,000 or more. Doctor has 60 days to provide the life insurance assignment before being assessed any fees or declared in default.

Start-up M.Dís: Unless there is a specialty that requires special equipment, the startup costs will range from $75,000 to $125,000 since the practice requires a few exam tables, some reception room furniture and a few computers plus advertising and deposit costs.

Start-up Specialist M.D.ís: The startup costs for a specialist such as a plastic surgeon, dermatologist or a cardiologist can range from $25,000 to $500,000 so we have to work together to understand the amount needed and why it is needed. If the amount is logical and the doctor has shown the ability to make money in his specialty, a $300,000 loan/lease combo could be do-able, but we will need the tax returns for the past 2 years and all available personal quarantee to make it happen.

Start-up Dentists: Your average startup dentist will need somewhere between $150,000 and $225,000 to buy the equipment and pay for startup costs. We understand that and can make you an offer for a combo lease and loan program---provide us with the tax returns for the past two years to show us you are making a living as an associate or independent contractor and we will try and approve for the complete package needs. If we can do the full amount, we will offer you a package rate for everything based on your credit strength. From experience, we will need the personal quarantee of the spouse.

Start-up Veterinarians: Same as the dentists, but the startup costs will be in the $125,000 to $175,000 range.

Bankruptcies: We can provide loans to doctors who had their bankruptcy discharged at least 1 year ago and have made significant strides to rebuild their personal credit.


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