Medical Office Loans
Small and big investments or acquisitions have a great difference: the amount of money you will use for them. This is why you cannot make a mistake when thinking about medical office loans and medical office building ones.
The main difference is the fact that one entails a bigger loan size than the other, which is something that can be determined by the name of the credit. Real estate investors and owner-occupants that aim for medical office buildings are going for big properties that either require a lot of renovations or can be used for many purposes as a company.
Meanwhile, medical offices are smaller and usually, for independent people that are looking to start their own businesses and avoid rental expenses.
Since the investment is smaller but still significant, anyone interested in acquiring an office like many doctors who are trying to have their own place or start to practice can go for this option. The main lenders most people consider for new projects of this nature are the usual banks or insurance institutions that can provide smaller loans for more personal investments.
However, having one approved also takes a lot of time despite the requirements being less and more accessible for any interested party. As a result, many doctors, owner-occupants, or investors, lose the opportunity to purchase the desired medical office or obtain the funds for renovation, which just delays their objectives and plans.
Although the option of going for a loan sounds like the best plan; is it a good idea for beginners in the real estate industry or doctors that want to start a practice, to apply for one? That is usually up to you to determine, but you can consider general factors that can help you to make the decision of requesting one:
- Good credit score.
- Possibilities of repayment.
- The option of a good and trustworthy lender.
- All documentation is updated and at hand.
- You don’t have current debts or active loans.
If you feel like everything fits your situation, it is a good idea to start now or rely on the instead of deciding to invest your capital in your new project. Now, the main problem you’re are facing is to determine who is a good lender for your medical office.
The team at Commercial Real Estate Loan Pros of West Palm Beach can offer you great deals that can cover different loan purposes:
- Real estate investment.
- Equipping your medical office.
- Working capital.
- Acquiring your own premise or office.
Unlike other lenders, we don’t work around purchasing the property but rather offering loans that cover every aspect and need in your project. Therefore, you can rest assured we are the lenders you need for the medical office loan you’ve been looking for.
Who shouldn’t request a medical office loan?
Pretty much new doctors or investors that are already dealing with a loan or several ones. If you are an owner-occupant that is planning to acquire it to start your new project, you need to consider if you truly are in the conditions for it. A good example is in the case of new doctors that are dealing with student debt or haven’t been able to repay some loans used for similar investments.
Also, although the credit score required for your application will depend on the lender’s requirements, you still need a medium-high one. Most real estate investors that are starting just like new owner-occupants, don’t usually have one that allows them to apply for the loan. And if they do, the terms for repayment, interest rates, and other conditions will limit them a lot during the amortization and loan term.
Now, the general concept of when you shouldn’t apply for this type of loan is just as similar as any other. At Commercial Real Estate Loan Pros of West Palm Beach, we do have better conditions and our team is more flexible and sets them based on your situation and needs. But we still need to make sure you’re able to handle the loan and its repayment.
This is why we encourage everyone to apply for it as long as he or she is confident of its ability to handle the amortization and loan term along with the terms and interest rates.
How to use your medical office loan
As we mentioned before, this credit isn’t only for the acquisition of a new office but rather its preparation as well. One thing that limits many people is thinking they only can apply for credits when they are about to purchase a new property. However, medical loans don’t work that way—at least, this one doesn’t.
You can use it to update your medical equipment, hire more staff, expand your already existing office, renovate it and add new elements, and anything related to it. Of course, the loan size will vary since not every goal or purpose requires a large or small amount of money. This is why this type of mortgage cannot be based on a general overview or established with general requirements.
Everything depends on the needs and situation of the client or borrower, which means we need to understand what you want and are aiming for to determine if you can have the loan for it. So, keep this in mind from now on: you can use it to maintain your medical office, improve it, finally own one, or workaround its expansion. Just make sure to let us know during your application what everything is about.
In this way, our team will be able to evaluate you and have more opportunities to approve your credit. We don’t want you to think about us as the villains of this story since we understand what people usually think and feel about lenders. But since we are a private company and not the usual banks or institutions that offer credits, you can expect us to be more reasonable, flexible, and with better loan terms and conditions. Also, you are very likely to obtain the funds for your project regardless of your low credit score since we also consider other details rather than this.
There are so many areas or regions where we offer these services with most of them being cities.
However, if you need any of these services, you need to contact us. The list below comprises the areas where we offer these services.
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: