This program is for Medical Professionals that own and operate their own medical practice.
General Information:
Terms of 12, 24, 36, 48 and 60 months are available.
$495 administrative fee required on all transactions.
Approvals are valid for 30 days.
Prefunding is available in most cases. Up to 100% of the cost can be done. The lessee will be charged a $100.00 fee per draw (this is in addition to origination / acquisition fee). The lease will begin with prefund and the customer will be expected to make full lease payments every 30 days until lease / loan is paid in full. Equipment requiring an inspection as a condition of approval will be prefunded a max of 50%.
90 Day Deferred Payments are available. Your clients make contact payments of only $100.00 per month plus applicable sales/use taxes. Must be able to show justification for deferred payment and requested at time of submittal.
Guidelines To What’s Needed:
675 Beacon, Experian, Trans Union credit score required on all PG’s
Home ownership required on all PG’s
40% or more available in revolving debt
D&B Report with a minimum Paydex of 70
$5,000 - $25,000Time Owning Current Practice (TOCP) for a minimum – 3 Years
Business Bank Balances – Mod 4
$25,001 - $50,000
Time Owning Current Practice (TOCP) for a minimum – 5 Years
Business Bank Balances – Mod 5
A detailed write up explaining business background, use and justification of desired equipment, number of employees, and practice annual revenues.
A vendor quote or invoice for all equipment.
3 months complete Business Bank Statements
2009 Year Ending P&L and Balance Sheet
Guidelines To Big No’s:
No business or business owners with prior Bankruptcy will be considered
No significant judgments or collection accounts
Not available in Alaska, Hawaii and Louisiana
No Corp only
No Chiropractors, Sole Proprietors, Software Only or leasehold improvements
No Used Equipment (Older than 5 years)
Cautionary Equipment & Medical Disciplines:
Should the equipment be considered cautionary, credit may require the following items to receive an approval.
Spousal PG
3 months Personal Bank Statements
Two years Complete Personal Tax Returns
Healthcare businesses & medical practices owned and operated by non-medical professionals mayqualify for this program but rates will be increased by 50 basis points.
Submittal Check List
“A” Credit - Application Only Program $5,000.00 - $50,000.00
