A well established medical practice running for 15 years in upper Manhattan doing business worth around USD 7million approached Biz2Credit to help them get a new loan to buy and construct an expanded medical practice. The managing doctor is one of the leading General Physician in the country and has a team of around 15 people in medical practice.
Biz2Credit analyzed the current and past business and personal tax returns as well as the personal financial statements and concluded that the medical practice would be best suited to get a 504 (a) loan for $4 million. In order to do that Biz2Credit negotiated with couple of banks for $2million loan and also got approval for $2million from NYCDC (504 participating lender). Besides this, Biz2Credit helped the business to replace their high cost working capital line with a lower cost line to a tune of $1 million.
Biz2Credit also helped the business get increased working capital line every 6 months down the line. Besides this a new accounting services firm was introduced to the Managing Doctor to improve the financial reporting of the business.
The Medical Practice was able to lower to raise over $4million funding at 6%.
"The turnaround time for funding was quick with Biz2Credit," Raza told us. "As soon as they got our information we had a decision - there was no waiting period like I experienced with other lenders."
Raza and David Bolos
"Dr. Gautam came across Biz2Credit after seeing multiple TV commercials and figured he'd give it a shot. After submitting the application and speaking with his Case Manager, he was funded $350,000 within 48 hours."
Dr. Ravindra Gautam
"Biz2Credit saved the day and 48 hours later, I had the keys to my new fitness studio in my hand," said Zadeh. "I don't know how Joe did what he did for me, but I'm thankful for his help. He even got me an easy repaymen