Which lenders should be considered?

There are excellent lending partners for dental professionals. Unfortunately, you won’t find them at dental tradeshows defining themselves that way. Finding the right lending partner and program requires understanding where you are financially and at what point you are in your career — starting out, relocating, expanding, or retiring. Dental Wealth Partners is a professional firm that represents YOU, not a product, and can help you procure the right lending partner.

Are there lenders and programs designed for a specific project?

There are lending partners for all aspects of a dental office. There are excellent conventional programs for expanding and relocating. There are great SBA programs for real estate investment, and starting your own office. There are unconventional products designed like a credit card program that can provide a means to borrowers just building their credit profile. The reality is that there are products available for all points on the professional spectrum but no one lender provides a legitimate product for each stage of a practice.

How do I qualify for approval?

Most lending partners will require a personal financial package that will include income documentation and a personal financial statement. It should also be stressed for doctors opening their first office, relocating, or acquiring their first office that a business plan will be most important in procuring the most aggressive terms. A lender that does not require a business plan is a sure sign that it is an unconventional lender and not likely to provide the most cost-effective terms.

Should I put money down?

If you are in a position where you can put money down it will open up opportunity to the better lending programs. If you are unable to put money in you could be relegated to working with the unconventional credit card type programs that can be cost-prohibitive.

Should I defer payments?

If the program design limits the length of deferral periods and the offers are true interest only programs. Many unconventional program designs utilize the appeal of low payments for longer periods; however, the extra costs do more to increase the lender’s rate of return than helping you, the doctor. Also, using one of these programs to free up cash flow for investment in financial products isn’t wise either.

What about graduated payment programs?

There are significant hidden costs. These programs can cost borrowers over $100,000 and three years in payments JUST TO REACH THE AMOUNT YOU ORIGINALLY BORROWED. Dental Wealth Partners can analyze your graduated term proposal — you’ll discover the cost of what they’re not telling you far exceeds any perceived benefit.

Contact DWP experts today!