I have sub-standard credit, but need working capital for my practice. Are there any options available for me? It is very difficult to get a traditional working capital loan in this lending environment. Your credit score must be over 700 and you must have operated your practice profitably for at least three years. For those that don't qualify for a working capital loan, we have a service called dental invoice factoring that doesn't require good credit. With factoring, we advance up to 80% of your net collectible third party billings. We also offer dental practice merchant cash advances, which offers funding based on your future credit card receipts.
How do your financing programs for practice acquisitions and buy-ins differ from what my local bank can offer? Our lenders offer specific programs dedicated to medical and dental professionals. As opposed to banks which require large down payments, we can typically offer 100% financing over longer terms.
How is equipment leasing more advantageous than traditional financing? Leasing offers many advantages including:
1. No down payment required.
2. Easy application process and fast turnaround.
3. The ability to upgrade to better equipment
4. Leasing can offer tax advantages
I'm a new practitioner and would like to buy a practice. Do I have to wait until I've been in practice several years? We are able to offer financing for dentists who are new to their professions provided they have worked in a practice full time for at least three months and havee shown a history of being financially responsible. By that we mean you should have a credit score of at least 700.
My dental office needs updating, but I don't have the down payment necessary for a bank loan. Can you help We offer up to 100% financing for qualified borrowers. You can expand, remodel, or even relocate your dental office with this type of loan. In addition, you can add additional equipment and working capital.
I've found a practice I'd like ot buy. How long does it usually take for the financing to go through? No one situation is the same, but if we have received the completed application and requested documentation (tax returns, practice appraisal, etc.) we can usually close the loan within 30 days.