Womens clothing exchange street portland maine - How to Successfully Apply for Dental Practice Loans

As a dental accounting firm we receive a lot of questions concerning the process of getting a dental practice loan, financing for a dental practice start-up, and for dental practice partnership buy-ins.While we deal with a few deals every year and could answer quite a few of these questions ourselves, we decided that we should just go straight to the pros for the answers.

We were lucky enough to round up a team of bankers that have decades of combined experience as well as many millions of dollars in loan transactions involving dental practices under their belts.This is an all star cast with hundreds of millions of dollars in dental practice loan experience.

Each of our interviewees has graciously offered to discuss these same questions with you one on one or to start your process of applying for any dental practice loans.

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I recommend reading the guide first so that you understand what makes for a successful dental practice loan application.This policy makes perfect sense as nobody wants to run out of cash in case there is an issue.

Clarke Moore — Some key items young dentists can do is simply pay bills on time, reduce loan balances when possible, avoid credit card debt, and demonstrate the ability to save money.Mike Montgomery — Low risk clients are those who have good credit, a strong business plan and the will to implement ita team in place to advise them CPA, consultant, attorney that are savvy in the dental industryand at least one year of experience as an associate with production numbers that can support their loan request.

This is not our minimum but it is a good place for the doctors to shoot for to get fair rates and unrestricted loan products.Wells Fargo will lend to new grads the day they are licensed up to k for buy-in or start up.This is not including real estate.

We will also do percent financing on building purchases at this time as well if desired.This means we will lend any up to k for new grads in during the first year.After 12 months of being licensed, will lend up to 1.It is considered a cost of doing business.

The downside to a startup is that there is little cash flow at the beginning of the business being started and the downside of an acquisition is you are potentially inheriting staffing issues, old technology, and decor you will most likely have to change.

If you acquire a practice it needs to be a good fit.For example if you are a very strong producer looking to buy a small practice that could become problematic and vice versa.We look at the fit in all cases.Sometimes a start up is the right solution.

Clarke Moore — Not necessarily, if the dentist has worked in the geographic trade area as an associate dentist and understands the demand in the area, then risk can be mitigated or offset by those factors.

Mike Montgomery — There are pros and cons of both types of transactions.Buying an existing dental practice comes with any problems the practice currently has such as issues with staff.It does bring immediate cash flow, but the risk is in the transition with the seller, the staff, and the clients.

A start-up gives you more control in who you hire, services offered, hours open, etc.

There is no true answer — each scenario is different and the dentist must be willing to not only work the practice, but actively manage it.An existing practice has a proven track record of patient visits resulting in revenue generation.

Is it more difficult to start your own practice versus buying one that is established? It is always more difficult to start anything from scratch, but we at Wells Fargo lend money to both in the same manner without reservation.

It is all we do.The doctor should just know that if starting their own practice, make sure that the loan program is a graduated program as to allow for the business to get up and running before being required to make full loan payments.

And for working capital to be made part of the loan.Not a separate Line of credit.True working capital provided with the loan.Startup lending with Wells is graduated to make sure the doctor as plenty of time to get on their feet before being asked to make a full payment and we always provide working capital when needed.

Getting prequalified is not a loan approval but you will get a good idea as to what your borrowing capacity is.Also, you have more negotiating power with everybody you talk to you when you were approved for a start-up loan.

With regards to a practice acquisition, before you make an offer on a practice you need to know if you qualify for the dental practice loan.Without pulling credit, we can determine what your general borrowing capacity is.

The last thing you want is make an offer on a practice and then have your loan declined.If you do your homework up front you can speed up the approval process and potentially avoid an embarrassing situation.Being proactive in getting financial information, application documentation, and closing items back to the bank is very critical in timely delivery.

Mike Montgomery — Common mistakes can be anything from missing a credit card payment to not understanding a non-compete agreement.The biggest mistake a dentist can make is not building their project team to help them.

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You may be a great dentist, but it is probably the first time you started or bought a practice.Do your research and hire a good dental CPAattorney, banker, consultant, contractor, and equipment specialist who are all niched in the dental industry.

It will streamline the process and give you more time to do what you do best.This is a critical item that the bank wants to understand.Start-up requests; a A business plan that lacks depth including demographics and competitor analysis.

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Banks often try using many programs like the SBA, state programs, ETC to offer the doctor what is requested because all banks want to lend money to doctors because of their risk rating being so low.However, dealing with a lender that needs to use these special programs for any reason to offer you a practice loan should be a sign you are in the wrong place and in for a long, unpleasant process that will be difficult to complete.

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These programs also lead to a lot of unnecessary cost for the doctors as well.Practice lending is simple, the question is are they a practice lender.Dealing with the proper company will eliminate 99 percent of the issues here.Student loans are not considered negatively by our bank.

This is rarely the reason a lender turns away a dental practice loan.

Large obligations outside of student loan debt affect dental loan approval more adversely.Clarke Moore — Not necessarily, plans for repayment and history of repayment are looked at.

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Mike Montgomery — The outstanding loan balance does not affect your chances of getting approved, but your payment history does.Make your payments on time each month and set them up on ACH.Therefore it is not the student loan debt itself that is an issue.

It is usually something else such as one of the following; a not making payments on time.At other lenders that do not solely focus on doctor only lending, Yes.The advice you will get from a dental banker is free and you should use us as a resource as you move forward with your decision.

You should know what you can qualify for before you start looking.Similar to buying a home.Preparation and options are key, so utilizing a mentor in the industry and making contact with three financial institutions for loan options enhances your chances in getting the best deal on your loan.

Mike Montgomery — It is always recommended to contact your banker before you begin negotiating prices on buildings, leases, equipment, etc.It is common to see a dentist begin a project without financing in place only to find out that they are over budget.

It is much easier for you as a borrower to figure out the budget to make your plan than after.This also gives you some negotiation flexibility since you know what you can afford.The lending process should not take over 2 to 3 three weeks to complete from start to finish.

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So, I think getting things in order at that point is best.This way, when you find to location or practice you a looking for, you can be ahead of the ball.This will impress sellers and make them take negotiations with you more seriously and can only work to your advantage.

We have the ability to offer working capital in the loan or we can offer line of credit or a combination of the two.We do not want anybody to borrow much money so we will use our expertise and dental lending history when lending money to the dentists.

We are very flexible in our fund allocation as long as they make business sense.

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The bank will disburse funds as needed during construction so the loan payment will gradually increase.If less working capital is needed and there is an increase in the cost of materials for construction, the loan is flexible enough that funds may be reallocated as necessary.

If there are available funds once the project is complete, the borrower may opt to take the balance in working capital or lower the loan amount.

The finalized numbers always need to match the approval.Therefore it is best for the Dr to have their numbers finalized well in advance of closing when at all possible.Some minor fluctuation is of course to be expected from time to time.

I am referring to your CPA, attorney and your lender.These individuals must be experts in the field of Dentistry.

This way you will have an idea of what things should costs ahead of time and set a reasonable budget in the beginning and not just assume what things might cost.So, it is never an issue to reallocate funds from say equipment to lease hold improvements sheet rock, carpet, paint, light fixtures to working capital.

The key is to keep non equipment related things soft costs to 70 percent of a project or less.

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This will make your lending go smoothly.The SBA is great at funding certain types of real estate transactions and is very good at providing ground up CRE instruction for building projects.When it comes to getting approved for a dental start-up loan or an acquisition loan to buy a practice conventional lenders are in a way to go because we offer fixed interest rates for the life of the loan and very low closing costs.

The SBA has a variable interest rate loan and high closing costs.Clarke Moore — Evolve Bank is a preferred SBA lender who specializes in dental practice financing due to the low industry risk.

So with that being said, going the SBA route can give you a high leverage, lower down payment, and favorable amortization schedule on your loan versus going through a conventional lender.

This is not the case.

The SBA provides loans for most start-up businesses.Whether it is a hair salon, mechanic shop, restaurant, or dentist, these loans provide a guarantee by the government which makes a stronger case for the loan as long as the borrower has good credit history and a strong business plan.