Dr. Moore had an SBA loan on his practice for $852,000 which was at an 8% variable rate. His personal home was also wrapped up in the SBA loan as additional collateral so he really didn’t have control of it. The doctor had some old credit concerns on his record as well. Our lender was able to overlook these dings on his credit due to the fact that his cash-flow was strong. He went from an 8% variable-rate to a consolidated 4.18% fixed rate on that $852K debt! We were also able to secure him a line of credit for $75K at the same rate so he could use it as needed for the next 7-years.
His practice changed overnight and he didn’t have to worry about the bank having control of his personal home anymore which made Dr. Moore a very happy guy!