Medical Office Building Loans
Do you own a medical establishment and you want to further your services by expanding or developing the current one you have? If yes, then applying for medical office building loans is what you need!
Medical office building loans are commercial loans that businesses and entities can apply for if they’re looking to build, renovate, or construct additives to their healthcare building or establishment.
What is a Medical Office Building Loan?
It’s pretty straightforward and self-explanatory – it is a type of loan that is taken out by a medical or a healthcare facility, such as a hospital, a medical clinic, a therapeutic clinic, or a medical extension to develop or grow the establishment. Furthermore, developers and doctors could also take this loan if they’re looking to establish their own clinic!
For example, if a dentist wants to build his own clinic, he could take out a medical office building loan to build or construct the clinic.
Apart from building, he could also secure funding for the purchase of equipment, devices, hiring of staff, improvement of services, etc. To illustrate further, let’s say you already have a newly constructed healthcare facility; let’s imagine that you are in the physical therapy industry.
You take the loan out, did a couple of renovations here and there, and you still have about 30% of your loan remaining. In this regard, what you can do is to take the money and purchase equipment such as reclining beds, TV monitors and screens, and other apparatus that can aid and complement your services.
In other words, you can use the funds with flexibility! You’re not just going to be tied up to the construction or the renovation alone!
What Business Practices Are Eligible For a Medical Office Building Loan?
Is it limited to just medicine and pharmaceuticals in particular? Absolutely not! As a matter of fact, all medical practices, including therapy, psychiatry, rehabilitation, and the like are eligible for it, too.
So long as the establishment is considered as a center for medical, physiological, or psychological improvement, they’re eligible.
Can Medical Office Building Loans Be Used For Refinancing?
Almost all types of loans you can get can be used to refinance a current loan. As a matter of fact, since medical office building loans are usually given as a lump sum amount, you can use them to consolidate small business loans that are also related to the medical office building tier!
Apart from that, you can also use medical office building loans to fund the working capital of your business or if you are going to start anew. So, if you are a physician, a doctor, or any other type of therapist or medical practitioner, you are welcome to apply for medical office building loans!
Benefits of Taking Out a Medical Office Building Loan
The most customary pros and benefits of taking out medical office building loans is the fact that you can get it easily. Since lenders know that you practice medicine or other healthcare-related practices, it’s not going to be difficult for you to pay interest or to repay the loan.
Therefore, you wouldn’t find it hard to secure a loan – even from the bank! However, using the bank for these types of loans might not be enough to suffice your needs. Without further ado, here are some of the advantages and pros of taking out medical office building loans.
Did you know that most financial institutions allow up to 90% of financing for medical office building loans? Therefore, you can use exceeding amounts for other things such as purchasing equipment, growing your business practices, training and hiring staff members, and many more! Unlike regular residential and commercial loans, medical office building loans have flexible repayment terms that can go as high as 20 years! More often than not, the interest rates for medical office building loans are not as high as to how you would pay for it if you took a residential loan. The interest rates would be more considerate and cheaper!
Up to 90% Financing For Real Estate
Versatile Repayment Schemes
Lower Interest Rates
Did you know that most financial institutions allow up to 90% of financing for medical office building loans? Therefore, you can use exceeding amounts for other things such as purchasing equipment, growing your business practices, training and hiring staff members, and many more!
Unlike regular residential and commercial loans, medical office building loans have flexible repayment terms that can go as high as 20 years!
More often than not, the interest rates for medical office building loans are not as high as to how you would pay for it if you took a residential loan. The interest rates would be more considerate and cheaper!
Where Should You Get Medical Office Building Loans?
A lot of physicians and doctors say that taking the Small Business Administration (SBA) 504 Loan is the best. While it actually is one of the best deals in the market, the chances of being approved for an SBA loan are slim. You would even have greater chances of applying and getting approved if you apply one through the bank.
In this regard, going with a private money lending company or a loan group should be what you should look for. In the state of Florida, we here at Florida Commercial Real Estate Loan Group are deemed and considered as the number one real estate loan group. The medical office building loans that we have are a few points shy from the offers of the SBA, but our services are far more favored and achievable.
Compared to other institutions, Florida Commercial Real Estate Loan Group’s medical office building loans wouldn’t take longer than 30 days for the entire procedure.
In fact, in most cases, we release funds in about two (2) weeks from the date of application! Not just that, we’ll also grant you a free estimate and computation of the medical office building loans you’re planning to take out!
Being professionals in the medical field, we understand how busy you can get. That’s why we’re always ready and prepared to help you arrange requirements and a couple of documentation to start with the application!
So, wherever you may be in the state of Florida, if you are a healthcare practitioner, you can bank and count on us here at Florida Commercial Real Estate Loan Group.
Our doors are and will always be open to help you with the ventures that you have in mind. Grow your knowledge – grow the services you give to people!
Work with the best and get the medical office building loans that are the best in the market! Contact us now and get the funds you need in less than a month!
We service all counties and cities throughout South Florida. However, if you need any of these services in other cities throughout the state of Florida, please contact us. See what services we offer below: