-
CycleTrack and SDN are teaming up to make medical school admissions more transparent and accessible! Read the announcement to learn how we’re supporting the future of CycleTrack’s free application-tracking tools .
Loan for Private practice?
Started by jhk43
Get help with your application
Use all the free resources available to you from SDN: articles, guides, expert advising, forums discussions, and school research.
Some dentists go solo in private practice from day 1, others may never go solo their entire career. It all depends on how you see yourself practicing.
As for loans/financing. That often is at the descretion of the seller and the situation of your purchase. If your buying into a practice where you'll be a partner or a situation where you buy out the existing dentist and they work for you as an associate for a few years before they retire, then you'll often see the senior partner/seller financing your buy in through the practice. If its a straight buy-out situation where as soon as you sign the papers, the practice is 100% yours and the selling dentist walks away, then often the loans is via a 3rd party lender (often a bank), who tends to be more than happy to give you a business loan for the $$ you'll need to buy the practice.
As for loans/financing. That often is at the descretion of the seller and the situation of your purchase. If your buying into a practice where you'll be a partner or a situation where you buy out the existing dentist and they work for you as an associate for a few years before they retire, then you'll often see the senior partner/seller financing your buy in through the practice. If its a straight buy-out situation where as soon as you sign the papers, the practice is 100% yours and the selling dentist walks away, then often the loans is via a 3rd party lender (often a bank), who tends to be more than happy to give you a business loan for the $$ you'll need to buy the practice.
It is very, very easy to get a loan once you flash your DMD/DDS degree in front of the lender because they know dentists have the second highest success rate of any business. I have a lot of deferred and repeatedly late loan payments with a really low fico score but got a$120k unsecured business startup loan anyhow.
