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General Information and Credit Criteria

Loans from $25,000 to $350,000

 ·         Working Capital Loans are designed to enhance the value of the Healthcare or Medical customer – whether it is by advertising, hiring a new associate, hiring a consultant, taking continuing education classes or purchasing new or used equipment. Borrower has the freedom to choose how to best allocate the funds: Debt Consolidation, Acquisitions, Expansions, Partner Buy Ins and Various Commercial Needs will also be accepted under this program.

 ·         Designed for NEW and established healthcare businesses, medical practices, and dental practices.

 ·         All medical and dental professionals must be licensed for a minimum of two years.

 ·         Healthcare business & Medical practices owned and operated by non-medical professionals may qualify for the Working Capital Loan Program.

 ·         Loan does not appear on personal credit bureau unless it becomes severely delinquent.

 ·         The funds will be overnighted or wired to the borrower and he or she can spend the funds as they see fit to enhance the value of the business.

 ·         Terms of up to 84 months are available and will be set by underwriting.

 ·         The borrower’s personal guarantee is always required. Spousal personal guarantees may be required if the spouse is active in the business or a signor on the business checking account.

 ·         Minimum 640 Beacon, Fair Isaac or Empirica score required. If an applicant has a 640 score but for instance has significant judgments, or collections accounts, this may be a reason for a denial.

 ·         Approvals are valid for 15 days.

 ·         A full financial package is required on all submitted applications. Please see submittal checklist below for required information. This will allow underwriting to get a “Global View” of the transaction.

 ·         Our loan document does not restrict the customer’s ability to borrow, buy, sell or lease equipment as needed for the business.

 ·   Our collateral is a lien against the general assets of the business and the personal guarantee of the owner(s). A first lien position is not required. We take whatever lien position is available at the time of our UCC filing.          

 ·         Transactions require a $495 administrative fee.

 ·         Bankruptcies will be considered after 5 years if clean credit has been re-established.

 ·   Unfortunately, this program is not available in Alaska and Hawaii.

 ·   Florida doc stamp tax fee applies to working capital loans 

Submittal Checklist For Initial Review: 

• Signed Credit Application

• Detailed Use of Funds

• Most Recent 3 Months Business Bank Statements

• Business Debt Schedule

• Most Recent 2 Years Complete Business Tax Returns

• Interim Business Profit/Loss Statement & Balance Sheet

• Most Recent 2 Years Complete Personal Tax Returns

•  Personal Financial Statement

Equipment/ Working Capital Loans

$15,000 to $75,000

***Application only***

Anesthesiologists, Board Certified Interns, Cardiologists, Cardiovascular Surgeons, Dentists, Dermatologists, Family Practitioners, Gastroenterologists, General Practitioners, General Surgeons, All MD’s, Maxillofacialists, Nephrologists, Neurosurgeons, OB/GYN’s, Oncologists, Ophthalmologists, Oral Surgeons, Orthodontists, Orthopedic Surgeons, Osteopaths, Otorhinolaryngologists (ENT), Pathologists, Pediatricians, Periodontists, Physical Therapists, Plastic Surgeons, Proctologists, Psychiatrists, Radiologists, Urologists, Veterinarians

• The Zero Cash Required  program will allow the doctor to receive funds equal to the cost of the equipment being purchased or the reimbursement for the equipment recently purchased, plus up to an additional 20% of working capital funds that will be determined by the credit manager.

• The Zero Cash Required program is great to use for just about any type of equipment or upgrade to the practice that you can think of, i.e.…new cabinets, countertops, software, tables, chairs and so on.

• The transaction will require a list of collateral that will be purchased with any portion of dispersed funds.

•  No Advance Payments!

•  No Security Deposits!

•  No Vendor Qualification is required!

·         Designed for established medical and dental practices. Doctors must have a minimum 3 years Time Owning Current Practice (TOCP). Previous practice ownership may be considered in determining loan amount maximum. 

·         The Zero Cash Required Program is designed for the medical professional operating his or her own practice on a day-to-day basis.  

·         Loan does not appear on personal credit bureau unless it becomes severely delinquent.  

·         The funds will be delivered overnight or wired to the doctor or vendor at no additional cost. 

·         A 60 month loan term offers the doctor the lowest interest rate with your points added. 

·         Terms to 72 months on loans $50,000 and up (if requested and approved).  

·         First payment is collected in arrears. No Advance Payments or Security Deposits are required!  

·         The doctor’s personal guarantee is always required. Spousal personal guarantees may be required if the spouse is active in the practice or a signor on the business checking account. 

·         Minimum 675 Beacon, Fair Isaac or Empirica score required. 

·         Approvals are valid for 30 days. 

·         Tax returns may be required when revolving debt is $50,000 or greater, excluding secured lines of credit. When revolving debt is $25,000 but less than $50,000 with less than 40% revolving available, tax returns may also be required.  

·         Our collateral is a lien against the equipment being purchased and the general assets of the practice as well as the personal guarantee of the doctor.  

·         All transactions require a $475 administrative fee. 

·         Early payoffs are calculated to “present value” discounting the sum of the remaining payments using a 5% per annum rate.  

·         Bankruptcies will be considered after 5 years if clean credit has been re-established.

·         Unfortunately, we cannot offer the ZDL Program in Alaska and Hawaii. 

·         Florida doc stamp tax fee applies to working capital loans.