ValueXpress is pleased to announce a new loan program for healthcare practices. The program is for fixed-rate conventional loans — NOT SBA loans. The loans are for professionals who own healthcare businesses with or without real estate. Qualifying practices include dentists, veterinarians, eye care practioners and physicians. Loan amounts are up to 80% loan-to-value and require a 1.20 global debt-service coverage requirement on the business income from the practice and any other affiliated businesses.
Interest rates are in the 5.0-5.5% range. Proceeds can be used for practice acquisitions, refinancing, partner buyouts, equipment purchase and practice expansions. Underwriting is based on the practice’s income tax returns. Practice loans without real estate are typically 10-year term and amortization, while practices with real estate feature a 10-year term with a 20- or 25-year amortization.
“This program is an exceptional alternative to the SBA 7(a) program for qualifying practices,” commented Gary Unkel, Senior Loan Originator at ValueXpress”. Since the majority of SBA 7(a) loan is prime-based floating rate, many borrowers have seen their interest rate climb to over 8% in the past three months. This program provides an opportunity for those borrowers to refinance into a lower, fixed-rate loan,” said Unkel.
For a free, no-obligation professional practice loan quote, contact Gary Unkel at gunkel@valuexpress.com or call him at 212-883-6475.
