Our rates are very competitive with other lenders and vary depending on whether you’re seeking a loan for purposes of a start-up, practice acquisition, owner-occupied commercial real estate purchase, additional location, existing debt refinance or line of credit. Rates also vary by term (the number of months over which you finance the loan amount). Call 800.497.6076 to speak with a Practice Specialist who can provide you with an accurate estimate of the rate associated with your specific financing needs.
Loan terms vary based on the type of financing you’re seeking. Call 800.497.6076 to speak with a Practice Specialist about your financing needs.
Fees and discounts can vary significantly depending on the type of loan, the amount being financed and the desired terms of the loan. Call 800.497.6076 to speak with a Practice Specialist who can provide you with an accurate estimate of the fees associated with your specific financing needs.
Bank of America is endorsed by more medical and dental state associations than any other specialty lender. Endorsed group members receive a 50% discount on administration fees associated with a funded loan.
Alabama Dental Association
American Association of Oral and
Arizona Dental Association
California Dental Association
Connecticut State Dental Association
Florida Dental Association
Georgia Dental Association
Illinois State Dental Society
Indiana Dental Association
Massachusetts Dental Society
Michigan Dental Association
New Hampshire Dental Society
New Jersey Dental Association
New York State Dental Association
North Carolina Dental Society
Ohio Dental Association
Oregon Dental Association
Seattle King County Dental Society
Tennessee Dental Association
Texas Dental Association Perks Program
Virginia Dental Association
American Veterinary Medical Association
American Academy of Family Physicians
American Society of Plastic Surgeons
Illinois State Medical Society
No, but you can use a practice loan to consolidate all business loans, equipment loans and business lines of credit tied to your practice.
Yes, in conjunction with new start-up loans. We also offer business lines of credit.
Yes, we offer 100% financing based on the type of financing you are seeking. Call 800.497.6076 to speak with a Practice Specialist about your financing needs.
We offer loan amounts up to $5 million.
Approval requirements vary based on the type of financing you're seeking:
Start-up financing: In most cases, completing an application over the phone with one of our Practice Specialists is enough to submit your request to our credit department for approval
Established practices: To refinance, remodel or expand an existing location or to finance an additional location we require 2 years of business and personal tax returns, a year-to-date profit and loss statement and a personal financial statement and debt schedule. If your loan request exceeds $1 million we also require 3 years of tax returns.
Purchase of an existing practice: We require 2 years of business tax returns for the practice you are looking to buy, a year-to-date profit and loss statement for that practice, 2 years of personal tax returns and completion of an application form
Commercial real estate financing: We require 2 years of business and personal tax returns, a year-to-date profit and loss statement and completion of an application form
Equipment purchasing: We have a simple one-page application that one of our Practice Specialists can complete with you over the phone
Additional documentation may be required based on other factors. For additional details, call 1.800.497.6076 to speak with a Practice Specialist.
The specialties we finance vary depending on whether you are seeking financing for an established practice or starting up a practice from scratch:
Established practices: We offer financing for a wide range of specialties. Call 800.497.6076 to speak with a Practice Specialist and discuss your particular specialty and financing needs.
Start-up practices: We offer financing for cardiology, colon & rectal surgery, dermatology, endocrinology, family practice, gastroenterology, general surgery, internal medicine, neurology, OB/GYN, ophthalmology, optometry, orthopedic surgery, otolaryngology, pathology, pediatrics, plastic surgery, podiatric surgery, pulmonary, radiology, thoracic surgery, and urology.
You cannot make a payment online, but check payments can be processed instantly over the phone by calling 888.852.5000
Absolutely. Our Practice Heartbeat© program is specifically designed to help you develop the vital practice management skills you’ll need to succeed. Because we work with health care professionals all across the country, we know what it takes to manage a practice in the most efficient, cost-effective manner. Our Practice Specialists will help you set and achieve your business objectives, track your progress, deliver a comprehensive evaluation of your practice and offer business strategies to help you improve. Practice Heartbeat is 100% complimentary when you undertake start-up financing or are purchasing a practice for the first time. Learn more about Practice Heartbeat©.
If you are in a medical residency, you are not eligible for a loan until you have completed your residency.
If you are in a dental residency, you are eligible for a loan while in your residency.