Dr. Porter had a variable start rate of 6.5% on an SBA loan he took out on his practice and the building his practice was located in. When rates started creeping up so did his payments, due to the fact that it was a variable loan on $2.7 million.
When he started the SBA loan rate was 6.5%. Now that it was 8%, an additional $3,375 was being sucked from his practice each and every month. We were able to secure him a 10-year fixed-rate on the real estate at 4.49% and a 10-year fixed-rate on his practice at 4%. The doctor could now write those checks again without having to drink a bottle of Pepto Bismol! We saved him over $500K in interest over the life of the practice loan!
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If you need our help with a Practice Loan, have a few questions, or are ready to apply our experts are here for you. Please call us at 847-644-8085 or fill out our short form and we will get back to you within 24 hours.
