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We get a lot of loan requests from Doctors seeking to buy a new facility, or refinance an existing curative office building loan. Many Doctors are surprised to learn about the current state of the store and how their options are becoming limited. The landscape has dramatically changed. One of the harder things for many Doctors to believe or accept is that the decline rate from the major national banks is currently at 90-95%. That means that out of 100 loan applications that are turned in, 90 to 95 of them are declined... Even for Doctors. Many banks are only considering excellent deals.

Doctors that are used to banks chasing them down and throwing money at them are shocked when they are de facto declined. Doctors that currently have a loan in place are even more shock when banks exercise their "Call Provision" meaning the banks right to force the borrower to pay off the loan (and yes 99% of primary bank loans have this provision which gives them the right to force the borrower to seek new financing).

For example we just ended a cash out refinance of a doctor in Metro Detroit that had his loan called by a major national bank. The issues boiled down to declining revenues (due to a partnership dispute) and a relatively low reputation score at 630. His existing bank, getting beat up by the Michigan cheaper called his note in fear that he would go out of company and they would be out ,000,000.

As far as solutions and options Doctors should come to be more open minded towards Sba loans and Usda loans. Often funding banks that have guarantees from the Sba will come to be much more aggressive and will not only close, but also will offer best terms than approved financing. For example, 90% financing on purchases is coarse compared to 70% on the conventional. Rates are regularly right in line with approved financing being in the low 6%'s.

Many habitancy shy away from the Sba due to the bad rumors that are mostly unwarranted. The process when dealing with a Plp Lenders is much the same as with approved financing. The key here is to work with Sba Plp lenders, which means that the loan is underwritten only once. If you work with a bank that is not Plp your loan will get underwritten once by the funding bank than by the Sba. This causes the 90 - 120 day windup processes that you hear about.

Lastly a major point to get in mind is that not all Sba lenders are the same. They all have dissimilar loan programs and terms. For example we work with a bank that pays for all the Sba fees on profit of the borrower which is a huge consideration in that the Sba fees are regularly 2.75% of the loan amount.