Loan Program Loans ranging from $25,000 to $150,000

Debt consolidation loans are designed to pay off and consolidate business and personal debts for the doctor who has owned his or her practice for 3 years or more. This program is not available to startups.

The Debt Consolidation Loan Program is designed for the medical professional operating his or her own practice on a day-to-day basis - not a property management or investment company owned by a medical professional.

Medical practices owned and operated by non-medical professionals do not qualify for the Debt Consolidation Loan Program.

Lender writes checks payable to the practice and the credit card company (or other companies) for the doctor to endorse and forward to pay off debts. This allows the transaction to remain a commercial loan. Up to 25% of the loan can be issued directly to the practice to pay off smaller debts.

Rates are slightly higher than our Working Capital Loan Program rates since nothing is being done to enhance the value of the practice. This program fits the niche between bank loans and high interest credit cards.

• Terms to 72 months. Deferred payments and 10% Balloon payments are available, unless the credit approval restricts their use. This can help you win the business and meet the needs of your client!
  
  
• NO ADVANCE PAYMENTS ARE REQUIRED.
  
  
• Spousal personal guarantees are required on all debt consolidation loans unless waived at time of approval. If your spouse will not personally guarantee the loan, please let us know at time of application so we can factor this information into the credit decision.
  
  
• Minimum 650 Beacon or Fair Isaac score required.
  
  
• Last two years complete business and personal tax returns required.
  
  
• Approvals are valid for 60 days.
  
  
• Our loan document does NOT restrict the doctor's ability to borrow, buy, sell or lease equipment as needed for the practice.
  
  
• Our collateral is a lien against the general assets of the practice and the PG's of the doctor and spouse. A first lien position is NOT required. We take whatever lien position is available at the time of our UCC filing.
  
  
• Life insurance assignment is required on all debt consolidation transactions over $35,000. Life insurance assignments are normally waived for multiple doctor practices.
  
  
• Transactions $35,000 and under require a $150 documentation fee; transactions over $35,000 require a $300 documentation fee, which includes the site inspection.
• Early payoffs are calculated by discounting the sum of the remaining payments by 5%.

Unfortunately, we do not offer loans in Alaska, Hawaii, Montana, Arkansas, New Hampshire, Rhode Island, or Connecticut.

Your Buy Rate Factors - $25,000 to $150,000 (No payments in advance.)