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[med2345]

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I read the pre-edited response and I don’t doubt that the experiences are real. I think it may be more of a regional phenomenon though. As a younger doc I’ve had colleagues or classmates experience zero issues in getting loans from banks (with very favorable terms) to start practices in the following locations:

FL (Tampa and central FL)
TX (DFW and Houston)
WI
MN
UT
WA
ID
LA
OH

It’s a small sample size (10-15) and does not include the northeast (though personally the healthcare market up there sounds less than ideal), but I don’t know a single person that couldn’t find a bank in their area to loan them money to start or purchase a practice.

Before the job opportunity I had in my 3rd yr of residency got pulled out from under me, I had zero pushback from a local bank when discussing both a business loan and line of credit. If someone wasn’t able to get the money I would blame them as opposed to the banks until I have evidence or experience of the contrary.

Why had you had the opportunity pulled out from you? Just curious since you mentioned not liking your current job and I’m trying to take this as a learning experience if I can.

 

[ExperiencedDPM]

I read the pre-edited response and I don’t doubt that the experiences are real. I think it may be more of a regional phenomenon though. As a younger doc I’ve had colleagues or classmates experience zero issues in getting loans from banks (with very favorable terms) to start practices in the following locations:

FL (Tampa and central FL)
TX (DFW and Houston)
WI
MN
UT
WA
ID
LA
OH

It’s a small sample size (10-15) and does not include the northeast (though personally the healthcare market up there sounds less than ideal), but I don’t know a single person that couldn’t find a bank in their area to loan them money to start or purchase a practice.

Before the job opportunity I had in my 3rd yr of residency got pulled out from under me, I had zero pushback from a local bank when discussing both a business loan and line of credit. If someone wasn’t able to get the money I would blame them as opposed to the banks until I have evidence or experience of the contrary.

There are many variables, including location. My neighbor is a VP of one of the banks mentioned in a prior post. He’s acutely aware of the loan situation for his bank. He said that a recent grad with several hundred thousand in debt, with no co-signer and no tangible assets or collateral is not a loan their bank is interested in lending. He said basically all the risk is on the bank, and they aren’t in the business to sell used podiatry equipment. He said unfortunately, they have had too many chiropractors, pods and some physical therapists default on the loans.

I’m not in the loan business so can’t comment on my experience, just the experience of graduating residents and my neighbor.

 

[that1guyfromFL]

[QUOTE="ExperiencedDPM, post: 19604059, member: 731390”]I’m not in the loan business so can’t comment on my experience, just the experience of graduating residents and my neighbor.[/QUOTE]

Precisely. A lot of students and residents apparently still visit these forums for what they assume to be reliable information. It does those folks a disservice to speak in absolutes about things we don’t know absolutely.

While we are sharing anecdotal second hand experiences, I can also say no one in my peer group had an issue getting loans to start a practice, this includes many different geographic areas.

Dtrack, shouldn’t you be buying 5 trillion shares of some crypto currency instead of posting here? High quality unbranded Yeti coolers drop shipped from China don’t pay for themselves....

 

[ExperiencedDPM]

A

 

[ExperiencedDPM]

That1guyfromFl

You state that many visit this site for “reliable” information. If that’s true, buyer beware. I’ve been in practice for much longer than most on this site and have seen a lot over those years. The amount of misinformation in many of these posts is incredible. I sit back and watch it play out and sometimes I chime in.

You state we shouldn’t talk in absolutes, yet you responded to one of my posts as “that simply isn’t true”. You then cited examples of some of your peers who reportedly had no problem getting loans.

I related my “anecdotal” experience on well over 20 years of many graduating residents and their experience obtaining loans as well as my neighbor who is in the business of approving loans. This is what he does day in and day out. His comments have already been posted so I won’t repeat those comments.

Podiatry isn’t high up on the prestige list of medical specialties. The profession isn’t as well known and doesn’t have the consistent salaries like orthopedic surgery, etc.

You will tell me about 10 of your colleagues who got loans witout a problem and I’ll tell you about 60 I know who couldn’t get loans and a neighbor who said he would not provide those loans in the absence of a guaranteed salary, co signer or collateral.

So we simply aren’t going to agree on this issue. And those who come here for advice will have to made their own decisions on accuracy, or hopefully actually research the topic from the source......banks.

 

[dtrack22]

You state we shouldn’t talk in absolutes, yet you responded to one of my posts as “that simply isn’t true”.

To be fair, since he was responding to this quote:

Banks aren’t handing out money to docs who already have a few hundred grand in loan debt.

As soon as a bank provides one loan to one podiatrist fresh out of residency, your statement "isn't true." When you say that banks aren't doing something, when they are, you shouldn't be surprised if someone tells you that the statement isn't true. If you had residents that couldn't get money, they didn't try very hard, or they gave up, or they lied to you. Even your friend the banker...he may personally not approve the loan at his branch or in his region or if it somehow came across his desk...but his bank DID. You have someone telling you that he had no trouble getting money from your friend's bank. I guess one slipped by him...

You could say, "it's very difficult to get a loan if you can't meet these conditions..." and it would be fine. It would be educational and beneficial. But like it has been said, "banks aren't handing out money" to docs with student loan debt is unequivocally false. They absolutely do, in many regions of the country. That's the problem with saying X doesn't happen, it only takes one example of the affirmative to make your statement false.

Dtrack, shouldn’t you be buying 5 trillion shares of some crypto currency instead of posting here? High quality unbranded Yeti coolers drop shipped from China don’t pay for themselves....

So get this. The other day an exchange announced the delisting of a few coins. One of them is listed one of the other major exchanges and was not affected at all by the news. As soon as word got out about the delisting, people flocked to the exchange to dump their coins, not knowing it was listed elsewhere. It dropped around 150% in the matter of an hour, I picked up 1 BTC worth, moved it to the other exchange and sold it for 2 BTC. Arbitrage'd it right into a 100% return in the matter of a few hours. The coolers are nice dude, and you don't have to sell any crypto to get them...they're straight from the factory in China so you get to keep the extra $200-300 Yeti is taking from you when you buy theirs...you just have to turn your phone on

 

[NatCh]

I'm first in line at the book signing.

 

[air bud]

I'm first in line at the book signing.

Book signing? I am going to be the charter member of his hedge fund

 

[jehjr]

Meanwhile, my Ethereum miner has been quietly plugging along for the last year or so.

 

[bunNfxr]

To be fair, since he was responding to this quote:


As soon as a bank provides one loan to one podiatrist fresh out of residency, your statement "isn't true." When you say that banks aren't doing something, when they are, you shouldn't be surprised if someone tells you that the statement isn't true. If you had residents that couldn't get money, they didn't try very hard, or they gave up, or they lied to you. Even your friend the banker...he may personally not approve the loan at his branch or in his region or if it somehow came across his desk...but his bank DID. You have someone telling you that he had no trouble getting money from your friend's bank. I guess one slipped by him...

You could say, "it's very difficult to get a loan if you can't meet these conditions..." and it would be fine. It would be educational and beneficial. But like it has been said, "banks aren't handing out money" to docs with student loan debt is unequivocally false. They absolutely do, in many regions of the country. That's the problem with saying X doesn't happen, it only takes one example of the affirmative to make your statement false.



So get this. The other day an exchange announced the delisting of a few coins. One of them is listed one of the other major exchanges and was not affected at all by the news. As soon as word got out about the delisting, people flocked to the exchange to dump their coins, not knowing it was listed elsewhere. It dropped around 150% in the matter of an hour, I picked up 1 BTC worth, moved it to the other exchange and sold it for 2 BTC. Arbitrage'd it right into a 100% return in the matter of a few hours. The coolers are nice dude, and you don't have to sell any crypto to get them...they're straight from the factory in China so you get to keep the extra $200-300 Yeti is taking from you when you buy theirs...you just have to turn your phone on

Not necessarily, unless you know the terms of their arrangement, some people do not talk about their assets and don't discuss what they put up to get approved. My experience matches ExD...even with enough equity to cover the loans the majority of banks are turning away podiatry start ups. Believe it... don't believe it... Your choice. But if you are planning on going to DPM school to open your own practice and have no alternative plan, you are at great risk,

 

[air bud]

if you are planning on going to DPM school and have no alternative plan, you are at great risk,

Edited for accuracy