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    12 Replies Latest reply on Dec 20, 2007 5:21 PM by Dr. Shaffer

    Investment Loan

    Dr. Shaffer Newbie

      I own a small Optometty practice and am looking to buy into a new, yet potentially larger practice. Does anyone have a recommendation on a type of loan and/or a financial institution?
        • Re: Investment Loan
          LUCKIEST Guide
          Tell us more. How long have you been in business??. What happens to your present practice??
          Are you an individual,?? Corporation?? Do you have an Accountant and prior year tax returns??
          What type of loan are you looking for?? Have you spoken to your banker??
          I know I am asking lots of questions, BUT the more you share with the small business web site
          and myself, the better we can answer your questions and help you succeed.
          Good luck, LUCKIEST
          1 of 1 people found this helpful
            • Re: Investment Loan
              Dr. Shaffer Newbie
              How long have you been in business??.

              I have been practicing for ten years. I currently lease a space from Sears and practice as an Independent Doctor of Optometry. My current business is only five months old.

              What happens to your present practice??

              I will continue working at my current practice two and a half days a week while I work at the new practice the other two and a half days a week.

              Are you an individual,?? Corporation??

              I formed a Limited Liability Corporation. Currently I am the only person involved in the ownership of my practice.

              Do you have an Accountant and prior year tax returns??

              I have an accountant and have five years worth of tax returns.

              What type of loan are you looking for?? Have you spoken to your banker??

              I am interested in the prospects of an investment loan through which I would buy into the new practice. The new practice would pay me a salary and a negotiated percentage of the profit. I have not yet spoken to a banker; I was hoping to find enough information in this forum to ask a lender sound questions.
                • Re: Investment Loan
                  BDS INC Adventurer
                  Dr. Shaffer,

                  You are a loan many banks would be really willing to give. Most banks offer programs for clients like you (professional services) they are likely to offer you a complete package that includes loans, credit lines, checking accounts, etc.

                  Two things I think you need to be prepared to answer - business case and business plan, why is your new location needed? and how and when will you start generating money. As long as you can prove that your business will be able to pay back the loan (stay in business long enough to do so then you'll be fine)

                  Also a bank is going to want you to have some sort of financial stake in the business, usually 10 to 20% of your own money.

                  I don't think anyone on the board is going to be able to answer what type of loan you need unless we know how much money you think you need. My suggestion is to start with the bank you have your checking accounts with. I would not let them pull credit info right away, just talk about what you need, what they offer and what you need to provide them to get the loan you want.

                  Good luck!
                  1 of 1 people found this helpful
                    • Re: Investment Loan
                      Dr. Shaffer Newbie
                      Thank you verfy much for the information!!!
                        • Re: Investment Loan
                          Ed O'Gee Adventurer
                          BDS is right my brother in law is a dentist and his bank gave him a complete set up package based on his practice. I am not saying your loan request will be a slam dunk but you have a really good shot.
                          • Re: Investment Loan
                            BDS INC Adventurer
                            No problem - good luck!
                            • Re: Investment Loan
                              Triumh_IG Newbie
                              I recently helped a Dr. (General Medicine) purchase a new building. We have different products for different people. Its not a one size fit all when seeking financing. So, when you walk into one bank, you get their product. I have dozens of lenders and I offer your more than one offer so you can choose the best one for you. I would be happy to evaluate your situation and see if I can provide you with a product that will fit "your" needs. We definitely have competitive rates and terms. With no up front fees, you've got nothing to lose. Let me know if I can be of assistance; contact Nancy at TRIUMPH_IG@sbcglobal.net. FYI - Our minimum loan is $100,000.00 with no maximum. We have SBA loans too! Good Luck to you.
                      • Re: Investment Loan
                        LUCKIEST Guide
                        Have you tried TRIUMPH. They posted the following:
                        "I would like to offer our services to any and all of you out there that
                        are seeking Commercial $$$. We offer construction loans, purchase,
                        refinance, cashout, bridge loans, hard money, soft money, SBA loans,
                        etc. for US, Canadian and Mexican Citizens, Good and Bad credit. You
                        name it we have it! We provide exceptional service and consultation is
                        free."

                        Email us at: TRIUMPH Investment Group.

                        Good luck, LUCKIEST
                        • Re: Investment Loan
                          LUCKIEST Guide
                          Have you tried. They posted the following
                          "I would like to offer our services to any and all of you out there that
                          are seeking Commercial $$$. We offer construction loans, purchase,
                          refinance, cashout, bridge loans, hard money, soft money, SBA loans,
                          etc. for US, Canadian and Mexican Citizens, Good and Bad credit. You
                          name it we have it! We provide exceptional service and consultation is
                          free."

                          Email us at: TRIUMPH Investment Group

                          Good luck, LUCKIEST
                          • Re: Investment Loan
                            merchant1 Newbie
                            There are many ways to finance it both traditionally and nontraditionally. I offer unsecured business cash advances based off of future credit card receivables (factoring) up to $250,000 per location. If you are interested and need the money without the headaches of traditional bank loans that require enormous amounts of paperwork and time give me a call. We can fund within 7 days.

                            Envision Merchant Capital
                            801-326-0376
                            • Re: Investment Loan
                              BDS INC Adventurer
                              any updates?
                                • Re: Investment Loan
                                  Dr. Shaffer Newbie
                                  We are working with several financial institutions to determine our best course of action. We are working with the SBA in case our best option through the financial institution we choose requires an SBA-backed loan. We have been in contact with one of the people who responded through this message board and plan on contacting another; combine those efforts with traditional options through Bank of America and the mortgage company we use for our primary residence, and it looks like we are headed in the right direction.

                                  Thanks to all who have contributed. For those who have offered their services, we are still in the research phase and have not ruled anyone out.

                                  Merry Christmas!