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Aug 5, 2008
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I'm looking to amass capital for an awesome investment opportunity. I need roughly 1 million$ to purchase a medical business. Does anyone have any contacts with lenders who have worked with physicians to obtain capital for such business opportunities?
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Mar 28, 2008
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I did a google search on "lending medical practice" and found 557,000 hits.

Had luck when I borrowed around $200K for my small business. I was able to do it based on my current client base as I could prove recurring monthly income for the past 1-2 years at the time of the loan. Found a specialized lender that loaned to my type of business, interest rate was around 13% as a business loan collateralized by business assets. The lender was very good about telling me exactly which documents were required.

Typically for a small business loan, the lender will require the principals to sign the loan docs in a personal capacity in order for the lender to loan the funds, i.e. don't pay and your house/personal assets can be pursued. For my loan, there was a UCC doc that formalized the lien against my business that this lender had; this is typical for a commercial loan.

I presume you have financials in place; income statement, balance sheet, & pro-forma that can be audited showing income & expenses to prove you can pay back the loan? If not I'd start getting those in place; the accountant should be able to provide historical documents and should be willing (for a fee) to provide some pro-forma type forms or possibly a completed pro-forma. The accountant may not do a pro-forma as this is essentially an income and expense projection for several years; they may feel that providing this implies that they believe your company will earn that amount of profit.

Word of experience as I have gone through this..regardless of how incredible you may feel that this investment opportunity is, the majority of investors will disagree; it is very difficult to raise funds. Possible, but it takes a lot of "no's" before you get to a "yes".
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