Medical Practice Expands in a New Facility with 504 loan
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 line of credit was sanctioned at US prime plus 1 (4.25%) replacing existing high cost line (8.25%)
- The business has been set up for further increases in line of credit every 6 months.
- The practice has created 15 new jobs in upper Manhattan.
The Medical Practice was able to lower to raise over $4million funding at 6%.
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