We intend on purchasing the building now and holding it, simply because the location is GREAT! The building was actually owned by an ophthalmologist 10 years ago, so remodelling it will be easier (hopefully). We dont plan on occupying the space until we've finished our contract with the seniordoc, set to expire next July. BUT, this gives us plenty of time to get everything in order.
- I actually applied with two different SBA lenders (7a loan) to finance us for the building purchase and the practice loan. I made them compete with each other to get the best possible rate. They agreed to finance us over 25 years with Prime+2.25% as our rate. Total size of loan: $588,000
- Then I applied with a local bank (for the building), and an optometric lending company (for the practice loan). This would be the best option for us, and would keep our business local. Total size of loan: $660,000
No comments:
Post a Comment