Financing Your New Dental Office or Dental Office Expansion
Live Oak Bank is honored to be chosen as Design Ergonomics’ preferred lender for dental office financing. Live Oak has earned a trusted national reputation providing real estate and practice financing to dentists. We are able to take less down than a conventional lender would usually require, allowing practices to preserve strong working capital for continued business growth. Whether you need help financing a ground up construction project or purchasing commercial property, we are here to help.
25-year loan terms – great for cash flow
Flexible prepayment options
No balloons or covenants
Top 3 scenarios when Live Oak financing is a great solution for Design Ergonomics clients:
- Lease to Own: You are currently leasing and you are purchasing a new building or buying the building that you are currently leasing.
- Expansion: You are out of room and are now doing a ground up construction expansion project or purchasing a building to renovate.
- Multi-practice Ownership: You are building or buying a 2nd, 3rd or 4th location.
“I would definitely recommend Live Oak Bank to any of my colleagues or anyone who is wanting to expand their business.”
“We looked at the practice in 2010, banks weren’t loaning to anybody at that time. It was very hard to even get a practice loan and then, at that point, Live Oak’s name came up and we liked what they represented. They understand the needs of healthcare professionals. What’s important to them? What do we need for working capital? What are our loan requirements? It wasn’t just a numbers thing for them. They were interested in who we were.”
“My brother and I were practicing together in a smaller practice. I thought, ‘Things are getting a little cramped in this office. How do I buy a building?’ I’d always just leased the building. I was directed to Live Oak Bank through my vendor. I remember Live Oak came out, saw what we were doing, saw the vision and it’s really the first time that somebody had really taken an interest in not only me as a dentist, but really the vision of what do you want to do in dentistry. That collaboration was just a unique experience for me. From that day on, everything just started falling onto place. The next thing I know is they had said, ‘We can finance the building for you and we can do the buildout and the equipment.’ It’s something that I could never in my wildest dreams, envision how quickly things could go and how easily it could go.”
“I’ve gone through a lot of banks, and Live Oak Bank delivers.”
What will the rate be for my loan?
Our rates are based on Wall Street Journal Prime plus a percentage, not to exceed 2.75% on a variable basis. Fixed rates may also be available. Because each business, and business owner’s situation, is unique, we evaluate the rates on a loan-by-loan basis. Your specific rate will be solidified in a loan proposal once this evaluation is complete.
What will the loan term be?
The majority of our loans are 10-year term loans, but may go up to 25 years if there is a real estate component. Your loan specialist will talk to you more about a term that is favorable for your business during the loan application process.
What documents should I have ready to apply?
For your initial application, we need basic information. To continue to complete your application once you are in Portal, you’ll need your business and personal information handy, including corporate documents and relevant tax returns.
What is the difference between asset and cash flow based lending?
Our loan programs are largely qualified based on the cash flow of a business rather than its assets. Cash flow is still considered an asset based loan, but as a secondary factor. In its simplest definition, cash flow is the difference between revenues (or sales) and expenses that a business incurs in any given period. If there is more cash coming in from revenues than going out from expenses, the cash flow is positive. Conversely, if expenses are higher than revenues, the cash flow is negative. Our loans are designed to enable you to cover your business expenses, pay yourself and have more than enough to satisfy the loan repayment.
How long does it take to get a loan decision?
Once the loan team has received all of the necessary information, typically decisions can be made in two business days.
If approved, how long is the closing process?
No two businesses are the same, and much of the closing stage is dependent on loan purpose and how quickly the loan team obtains required documents and signatures. Portal technology allows an up-to-date view of your loan at any time, so you’re never in the dark about when your loan will close. Our goal is to get the funds to you quickly – so you can get back to business.