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 Money for Doctors    

Doctor and Medical Professionals Qualification Criteria

Apply on line for Doctor and Medical Professionals Line of Credit

Credit Requirements:

  • 660 MINIMUM personal credit fico score
  • Can not have Excessive History of Late Payments
  • Low debt to credit (revolving debt should be no more than 40% of available credit)
  • Can not be Overextended with Current Credit Obligations
  • Can not have Outstanding BK, Liens, Collections, Judgments or Charge-offs
  • Must have “minimum” of 5 personal and 5 trade lines of which 3 must have $10K or more credit but more is preferred
  • Preferred that the business does not already have a lot of lines of credit or has not applied for lines of credit unsuccessfully in recent 12 months

Practice Structure:

  • Minimum 2 yrs in practice and a minimum of $400,000 in Annual Billings
  • Will finance Sole practice or a group but we suggest and prefer that you have entity like a Corp, LLC, LTP, Partnership. (Sutlaw.com) Link for Suttons book
  • No tax returns or financials required (below $250,000)

    Features of Medical loans

  • loan is to the practice not personally thus it will not appear on your personal credit
  • 10 minute application prequalification form with 24 hour approval
  • Fixed of variable rate long term financing (tied to Prime rate)
  • Line of Credit – Interest only- you only pay when you draw it down
  • No upfront fees, prepayment penalties, no credit life insurance requirements, no hidden charges
  • Can be used for Remodeling, A/R, pay off your high rate personal or business credit cards, hire new staff, buy equipment or go on vacation

    We specialize in Physician Finance

     

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     Physician Application    
    First name:  
    Last name:  
    Street address:  
    City State Zip Code:  
    Social Security Number (We will not run your credit):  
    Email:  
    Home phone:  
    Cell phone:  
    Birthdate:  
    Housing:
    		 
    Year at address:  
    Primary Residence Value $:  
    Amount owed on Primary Res $:  
    Monthly House Pmt $:  
    Personal Middle FICO Score:  
    Experian FICO Score (if known):  
    Personal income (Line 7 of IRS 1040) $:  
    Adjusted Gross income(line 37) $:  
    Drivers License Number:  
    Drivers License State:  
    License issue date:  
    License expiration date:  
    Liquid Assets $:  
    Retirement assets $:  
    Real estate owned $:  
    Amount owed $:  
    Bank Relationships:  
    Balance in Bank $:  
    2nd Bank:  
    Balance in 2nd bank $:  
    Nearest relative not living with you:  
    With telephone:  
    Business Legal Name:  
    Type of Corporation:

    		 
    State and date incorporated:  
    Practice address:  
    Practice City State Zip:  
    Practice County:  
    Practice Telephone:  
    Practice Fax:  
    Tax ID (EIN Number):  
    Type of Physician:  
    Date practice began:  
    Office:
    		 
    Years at current address:  
    Outstanding Business Loans $:  
    Monthly Billings $:  
    Monthly Expenses $:  
    Total Assets in Practice $:  
    Liquid Assets in office $:  
    Current Bank Relationships for office:  
    Existing Lines of Credit:  
    Ownership breakdown percentage:  
    List other owners with percentage ownership:  
      Required
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