Medical Working Capital Loan Program is designed for both start-ups and established practices to enhance the value of the practice. It is 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. Doctors must be licensed a minimum of 2 years. Medical practices owned and operated by non-medical professionals do not qualify for the Working Capital Loan Program.

How Does It Work?

Quite simply, the lender writes a check to the doctor so he or she can spend the funds as they see fit to enhance the value of the practice. From advertising to practice expansion, working capital loans can provide the funds necessary to increase future revenues and profits.

Repayment terms are up to 72 months. Deferred payments and 10% Balloon payments are available, unless the credit approval restricts their use.

GENERAL REQUIREMENTS:

NO ADVANCE PAYMENTS ARE REQUIRED.

Spousal personal guarantees are required on all working capital loans unless waived at time of approval. If your spouse will not personally guarantee the loan, 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.

Approvals are valid for 60 days.

Transaction of $75,000 and over requires complete business and personal tax returns. 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 Personal Guarantees 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 working capital 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, and Connecticut.

Your Buy Rate Factors - $15,000 to $150,000 (No payments in advance.)

There are three basic Medical Funding categories thus:

TIB = Time In Business
Please call on any transaction over $150,000

Chiropractor Working Capital Program

$10 - $50 K

1. 5 years TIB owning the current practice.
2. Medium 4 average business bank balance.
3. Last year's tax return. After 4/15 of each year, the prior year tax return must be supplied. Extensions are not acceptable.
4. Minimum 650 Beacon, Experian or Empirica.
5. Personal guaranties are required on all transactions.
6. No home based practices.

$50 - $75K

1. 7 years TIB owning the current practice.
2. High 4 average business bank balance.
3. Last two year's tax returns. After 4/ 15 of each year, the prior year tax return must be supplied. Extensions are not acceptable.
4. Minimum 675 Beacon, Experian or Empirica.
5. Personal guaranties are required on all transactions.
6. No home based practices.

$75 - $100K

1. 10 years TIB owning the current practice.
2. Low 5 average business bank balance.
3. Last two year's tax returns. After 4/ 15 of each year, the prior year tax return must be supplied. Extensions are not acceptable.
4. Minimum 700 Beacon, Experian or Empirica.
5. Personal guaranties are required on all transactions.
6. No home based practices.

GENERAL REQUIREMENTS:

• Transactions between $10,000 and $100,000 only.
• Verification that chiropractic license is active and in good standing.
• Student loan delinquencies may be grounds for application decline.
• On-site inspections are required on all transactions over $35K.
• Spouse's personal guaranty is required on all transactions when applicant is married.
• Life insurance assigned to LPI required on all transactions over $35K. Not required when there is more than one doctor is in the practice. When there is a husband and wife Chiropractic team, life insurance is only required on the husband.
• No deferred payments allowed.

Your Buy Rate Factors: $10,000 to $100,000 (No advanced payments.)