Vet Financing?
Hello,
There are a few lenders who will do 100% seller financing for vet clinics along with a few other specialties. Does anyone have experience in using these lenders or have any recommendations?
Thank you!
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by a searcher
from Rice University - Jesse H. Jones Graduate School of Business
in Houston, TX, USA
in Houston, TX, USA
2yrs ago
Thank you!
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by a lender
2yrs ago
from Eastern Illinois University in 900 E Diehl Rd, Naperville, IL 60563, USA
from Eastern Illinois University in 900 E Diehl Rd, Naperville, IL 60563, USA
I would back up what Asumaku Suka said. There are some specialty medical lending groups at some of the larger banks that will do 100% financing for medical clinics. However, all of those lenders that we work with require the buyer to be a doctor / veterinarian. If you are not one, then the program will not work for you.
The SBA 7A loan program, under the new guidance, does allow 100% financing with a minimum of a 10% seller note on full standby for two years of the loan term. However, we are not seeing many lenders employ this. The items provided by Asumaku Suka above sound like internal underwriting requirements for her Bank to get to 100% financing. Those are not SBA requirements. We are finding most lenders are still requiring a minimum of 5% buyer equity even if you have a 10% seller note on full standby for at least 2 years to be sure the buyer has something at risk. The only deals we have seen get done with $0 in buyer equity have been those where a key employee is buying out at owner and the transaction risk is low.
If you have any additional questions you can reach me at any time at redacted Good luck.
The SBA 7A loan program, under the new guidance, does allow 100% financing with a minimum of a 10% seller note on full standby for two years of the loan term. However, we are not seeing many lenders employ this. The items provided by Asumaku Suka above sound like internal underwriting requirements for her Bank to get to 100% financing. Those are not SBA requirements. We are finding most lenders are still requiring a minimum of 5% buyer equity even if you have a 10% seller note on full standby for at least 2 years to be sure the buyer has something at risk. The only deals we have seen get done with $0 in buyer equity have been those where a key employee is buying out at owner and the transaction risk is low.
If you have any additional questions you can reach me at any time at redacted Good luck.
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by an intermediary
2yrs ago
from Creighton University in Los Angeles, CA, USA
from Creighton University in Los Angeles, CA, USA
We connect borrowers to SBA 7a lenders. We have quite a few lenders that would fit what you're looking for. You can check out our website here (redacted) or email me at redacted
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