When you apply for financing for a dental practice purchase, startup or construction project, you’re engaging not only your lender, but a whole group of specialists who bring your loan to fruition. Understanding the roles of the players who create and deliver your loan package can help you gather the appropriate information and more easily navigate the financing process.
So who are the players in the loan process?
As the borrower, your role is to make sure there are no holes in your financial story. The more complete your application package is, the easier you will make the process for the bank, and for you. Furthermore, a clean, well-organized and complete package can leave a positive impression that may serve you well in the future when seeking additional funding.
If you are requesting funding for a startup dental practice, be sure to include a thorough business plan. For a practice acquisition, expansion or construction loan or refinancing package, lenders typically require your business financials only.
When applying for a practice loan, consider choosing a specialty lender that is familiar with the dental industry. A specialty practice lender can make the loan process more efficient for you, as they already understand your business and the specific funding needs of the dental practice.