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Specialty lender financing consists of a conventional or SBA loan customized by a specialty healthcare lender to meet your particular situation and needs. Using a specialty healthcare lender for your project can save you both time and money. Unlike most local banks, a specialty lender can combine your practice, equipment or property purchases into one loan package, providing a streamlined process with one credit application, one set of fees and one closing. In addition, specialty lenders can provide a broader range of loan options, from short-term fixed rate loans to low variable rate mortgages. They may also offer planning and business tracking resources to help make the remodel, expansion, or build-out process run more smoothly.

Loan specifics may include:

 Up to 100 percent financing with flexible repayment plans

 10-year amortization

 Low closing costs

 Financing based primarily on historical or projected practice income rather than personal assets

The chart on the next page compares the differences between conventional financing, SBA loans, and specialty lender financing. Before committing to a loan package, carefully review and compare the different financing options with your lender to fully understand the pros and cons of each and how they might affect your particular circumstances. It may also be prudent to discuss the loan package with your financial advisor.

FIGURE 2.5: COMPARING FINANCING OPTIONS (LEASED SPACE)

Before approaching your lender for project financing, understand your financing options so you can make an informed decision about the type of package that will work best for you.