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[FosterWallace]

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[HatInTheCat]

It has more to do with good credit than it does with student loan balances. Some don’t have to put anything down, while others do. You should contact one of the banks that give out practice loans and set up a consult.

 

[Blueshirts]

I would ask folks over on dentaltown, you might get a professional who lurks on the boards to give you some more targeted advice regarding your situation

 

[schmoob]

I would ask folks over on dentaltown, you might get a professional who lurks on the boards to give you some more targeted advice regarding your situation

Absolutely.

You can get some good guidance on how to best leverage your practice loans for tax benefits and where to allocate your liquid assets best.

 

[yappy]

Yes. Student loans are no problem in my locale.

 

[maruprime]

This is a great question. I just closed on a business loan 2 months ago with a big national bank. You have to tell the bank you have loans, private or federal. If you omit it on your 12 page application then they find out anyways when they do a credit check. I know, because I wasn’t paying monthly payments because it was deferred due to COVID, so I didn’t report it and then the bank found out anyways. It doesn’t matter, it didn’t hurt me. You have to report all debt: mortgage, rent, car, credit card, you have to give them bank statements for the last 3 months. You can’t really hide anything. You also have to have minimum 10% down payment in cash. So if your office costs $1 million, you need to have $100k minimum in liquid assets. My friend in Washington DC needed to have 15% down payment just 1 month ago. The most important thing they look at is your debt to income ratio. So somehow you have to provide them previous years’ income and expenses (also called a profit and loss statement) from that office, or if you are starting an office from scratch, you have to draft your own business proforma, with expected profits and losses for the first 1-5 years.