$866,000 – SBA 7a Loan for Medical Practice CRE and Startup Funds

This client was a hardworking doctor, working at three different practices for 6+ days per week – with her education and experience, she was ready to start her own practice.

Once she found the perfect building, her rookie real estate agent referred her to her favorite local bank for a loan — without fully understanding that for an owner-occupied property the business (not the person) is used to qualify for a conventional loan. Since her practice wasn’t already established at the time, and this was not an income property, she was turned away after spending 2 weeks of her precious time. Neither the agent nor the lender took the time to explain that she was simply asking for the wrong loan.

When she was referred to us, we immediately identified her as a prime candidate for an SBA loan based on her credit, income and experience. With her qualifications, the SBA 7a loan program could be used to START her business while also purchasing the building – not to mention provide funds for necessary renovations, equipment, inventory, furniture, fixtures, and working capital and other start-up expenses, all in the same loan.

Critical Takeaways: 

• A new, startup business cannot buy owner-occupied commercial real estate with a conventional loan. Conventional loans require an established, cash-flowing business to purchase an owner-occupied property, but SBA says “yes” – you’ll just need to include ProForma projections and and executive summary explaining how you’ll run the business. Plus, you can fund all aspects of the business start-up — not just the real estate!

• Applying for the right loan program is paramount. Unfortunately, the lender who handled her initial loan request didn’t have the foresight or knowledge to suggest that she was best suited for an SBA loan. This is why it always pays to call us first – we could save you several weeks of time!

• Not all lenders like the same deals or see potential in the same way! Instead of submitting to your local bank and spinning around in circles for weeks, consider submitting your loan inquiry to ComCapFL first. With our diverse range of funds, and our 25 years of experience, we are able to properly structure your deal for one of our private funds or one of our 300+ affiliate funds. All of your best options, under one roof.

If you’re an experienced professional looking to branch out and start your own practice or business, please call us right now at (888) 959-1648 or email us at info@comcapfl.com. Remember, it costs nothing to review your loan options.