Dr. Morelli had a successful dental practice in Oregon that he was selling. He was then moving to California to acquire two existing practices over there; one for $1 million dollars and the other one for $120,000. We had to secure him an acquisition loan for the two dental practices he was purchasing and coordinate it with the closing of the practice he was selling, along with his move.
There were quite a few moving parts that we had to navigate through. Ivanhoe Capital Advisors was able to secure him a rate of 3.07% fixed for 10 years with an additional $100,000 line of credit at prime plus .75bps that he could use for working capital for total financing of $1.32 million. Also, because of our long-standing relationship with the lender we were able to synchronize the closing of these two practices with the closing of the practice he was selling without any major hiccups.