Debt, debt and more debt. Everyone has the point of view that Doctors and medical professionals are rolling in the dough. While for some that may be true, but many entrepreneurial Doctors run into working capital shortages. That’s where these specialty working capital loans will come in handy. The application is very quick and painless, which is good for a busy doctor. Keep reading for more information about these working capital loans.
What is a Medical Practice Working Capital Loan?
The medical working capital and medical practice financing programs are uniquely designed for both start-up and well established medical practices. These loan programs are for professionals in the medical field operating their own practice. These loans can be used to enhance the core value of private medical, physical therapy, or veterinarian practice. Doctors have the freedom to choose how to best use the funds and the limits on spending are virtually non existent. You can use the loan to upgrade facilities, expand your practice, update equipment, pay taxes or for any purpose you really want.
Financing Amounts and Terms
Typically, one page applications have a lower max loan, ranging around $250,000. The funding can happen in as little as 24 hours but will usually take place around 3 days.
- Terms to 72 months on loans over $50,000
- A minimum 650 credit score is required, although each lender will vary
- Doctors must be licensed a minimum of 2 years in most cases
- Veterinarians and Physical Therapists must have at least 2 years in business (usually)
- Stated Income allowed to $75,000
Who qualifies?
Medical professionals looking to expand or acquire a new practice in an existing location. These loans can be fixed term or variable rate, secured by your practice assets or personal guarantee. Degreed Medical Professionals and Certified Specialists can be helped and usually extended to professionals with proven credit record and who are personally responsible with a good FICO credit score of 680 or above. Business credit scores will need to be 75 or higher with assets.
Very Fast Funding
Medical professional can get up to $250,000 in working capital with a one day approval and funding in just 3 days.
How to get the Financing
Working capital financing for doctors is just as straight forward as a normal working capital loan. Look to specialty lenders as they will have the best rates for your practice. The applications are extremely light, most consisting of only one page! You will need to provide documentation on income statements and prove time in the business. Other than that, it’s a cake walk.
