"If I had pursued the traditional route for funding, I would have been faced with time constraints and the need for additional documentation," says Patel."Conventional banks would have taken three months to turnaround what I needed. But with Biz2Credit, we were funded within one week!"
Biz2Credit Helps New York Physician Make CRE Acquisition
As a physician and owner of Mineola Medical Labs, Gaurav Patel is undoubtedly successful. Though the Mineola, NY-based pathology lab has been in business for over 20 years, Patel's ownership has recently taken the business to the next level.
"We currently employ six physicians and a support staff of ten people," says Patel. "Our revenue in 2016 was about $2.4 Million."
With a successful medical practice under his belt, Patel could have kicked back and relaxed. However, his entrepreneurial spirit took hold and kept him driving forward.
"After several years of operating my lab in rented space, I decided to flex my entrepreneurial chops," says Patel. " I did not want to only operate Mineola Medical Labs out of my current location, I wanted to move forward with purchasing the entire building." .
Patel reached out to Biz2Credit to start the process of applying for a Commercial Real Estate Loan.
"The application process was fantastic," said Patel. "Very simple. So simple, in fact, that it took less than 30 minutes to complete!"
Patel received funding of $1.6 Million; more than enough needed to make the initial purchase of the building. However, it was not necessarily all about the money. The speed and efficiency of Biz2Credit were what motivated him to sign on the dotted line.
"If I had pursued the traditional route for funding, I would have been faced with time constraints and the need for additional documentation," says Patel. "Conventional banks would have taken three months to turnaround what I needed. But with Biz2Credit, we were funded within one week!" .
Patel is currently operating Mineola Medical Labs out of the acquired building, and rents the other units out to various tenants. His entrepreneurial streak is far from over, however.
"I am meeting with Biz2Credit President Ramit Arora next week," says Patel. "It is wonderful that the Co-Founder of the company takes the initiative to meet one-on-one with clients. We will be discussing funding for a very exciting upcoming venture."
When asked if he would refer a friend or colleague in his shoes to Biz2Credit, Patel laughed, stating, "I have already referred three or four!.