Dr. Fang, who came to the United States from China when she was only sixteen, had been an associate in a dental practice in Southern California for almost a decade. One day, she found out about a dentist who was retiring in her area who had a nice little practice.
She was seeking out an SBA loan to buy that practice in which she would have to put a minimum of 10% down, and they wanted her house as additional collateral as well. She didn’t like that idea, and we here at Ivanhoe Capital Advisors agreed with her and had a better option which was a lot cheaper and she would not have to put a dime down! We also didn’t need any outside collateral, so her house was not on the table.
We were able to secure her a $350K acquisition loan on a 10-year term for the practice at 3.09%! 100% FINANCING! Don’t forget, this is her first practice as well. Also, as a signing bonus we were able to secure her a $75K line of credit as well – interest-only at 5%. Now she has a thriving practice of her own and $75K to expand it. The only drawback is that Dr. Fang now has to wear sunglasses all the time due to the fact that her future is just so bright!