Dr. W is a cosmetic dentist in California who wanted to expand his current practice by acquiring the operation just down the street from him. There would not be another opportunity like this for a long time and he knew it!
He came to us with the intent of not really putting a whole lot down for the loan because he did not have it available nor did he feel it was necessary considering the success of the dental practice he was acquiring.
So we were able to deliver exactly what he wanted…$1.1 Million on a 10-year fixed 3.21% loan with an additional $100,000 line of credit he could use for working capital and payroll. Now that is an amazing rate and amazing terms especially since the Fed is expected to raise rates a few times this year starting in March.
However, as far as Dr W. is concerned the best part is he did not have to come out-of-pocket for any of the dental acquisition. He literally financed 100% of the transaction and basically doubled his practice without any type of investment whatsoever on his part. He’s a pretty smart guy!