NOTE: Our bank partner in the map below has a promotional rate offer of 2.99% for startup financing for qualified borrowers submitting an application between July 1, 2021 and September 30, 2021. Contact the banker in your state by clicking on the map below to inquire. You can also apply for practice financing for acquisitions, real estate, projects, and practice refinancings.*
When Are You Ready for a Dental, Veterinary, or Medical Practice Loan?
We see most successful prospective practice owners fit the following profile:
- At least 1 year of employment history
- $10,000 or more in cash savings
- No adverse credit events such as a bankruptcy or short sale within the past 7 years
- A history of revenue production at your current employer that supports your requested loan amount
It never hurts to reach out to at least 2 banks if you want to have a higher chance of securing the best pricing.
When to Start the Practice Financing Process
Practice financing is an involved process. The loan application is more difficult than applying for a mortgage or student loan refinance because each transaction is unique.
That’s why you want to reach out to a banker early in the process to:
- See if you can get preapproved if you have a target practice in mind
- Build a relationship so the banker can get to know you, and you can get to know them
Due to relationship oriented nature of practice financing, it pays to get information from a local banker in your area, even if you’re fairly early in the process.
Options for Acquisition, Practice Loan Refinancing, Real Estate and Project Financing
You can reach out to the bankers above about acquisitions, practice refinancing, real estate, and project financing.
Bank of America’s practice solutions team has extensive experience with all of these types of transactions. They also have the capital to finance more types of deals, while regional banks might have a tougher time.
So text, call, or email the banker for your state by clicking the map above, and please feel free to contact Student Loan Planner if you move forward in the process and want us to take down your info for eligibility for the $500 bonus for practice financing through our site.
Bank of America Practice Solutions Disclosure:
*All programs subject to credit approval and loan amounts are subject to creditworthiness. Some restrictions may apply. The term, amount, interest rate, and repayment schedule for your loan, and any product features may vary depending on your creditworthiness and on the type, amount, and collateral for your loan. Bank of America may prohibit use of an account to pay off or pay down another Bank of America account. Repayment structure, prepayment options and early payoff are all subject to product availably and credit approval. Other restrictions may apply. Products and restrictions are subject to change. Bank of America and the Bank of America logo are registered trademarks of Bank of America Corporation. Bank of America Practice Solutions is a division of Bank of America, N.A. Bank of America, N.A. is not responsible for, and does not guarantee the services and/or products of Student Loan Planner, or any affiliate, subsidiary, or parent company of it. All logos and company names mentioned herein are the property of their respective owners. The $500 bonus is an offer of Student Loan Planner, and not of Bank of America, and Bank of America is not responsible for any conditions to receiving the bonus or payment of it.