What is a medical practice loan?

Outside of lenders that specialize in insurance receivables, there are no loans that are exclusively designed for medical practices. However, there are multiple types of business financing solutions that can provide working capital to cover business expenses or facilitate growth for a medical practice. These include invoice factoring, revenue based financing, debt financing, line of credit, and equipment financing.

What are the requirements to get a medical practice loan?

Requirements for a medical practice loan vary by lender and loan type. Minimum requirements start at the following: A credit score minimum of 600 Monthly revenue of $8,000 or more A business history of least six months

What can I use a medical practice loan for?

A medical practice loan can help you cover virtually any business-related expense. You might put the funds towards startup costs, working capital, inventory, equipment, commercial real estate, acquiring a practice, insurance, or refinancing business debt.

What is a construction loan?

Construction financing is a type of loan where a lender or other financier provides funding for the borrower to purchase heavy equipment, like bulldozers. Lenders offer these loans for small businesses in the construction industry that either don’t want to use their working capital to buy the equipment up front or can’t pay for the equipment in cash. The borrower then repays the loan with interest over a specified time period. In heavy equipment financing arrangements, the heavy equipment itself usually serves as collateral for the funding. In some cases, additional collateral may be required to secure the financing.

What are the requirement to get a construction loan?

Each lender wants to feel confident that your construction company can repay the loan, and each lender’s requirements will vary. They may look at your business’ cash flow, credit score, and time in business, along with the type of equipment you want to finance.

What can I use heavy equipment financing for?

Heavy equipment financing can be used for any type of equipment or machinery your company may need, including bulldozers, pavers, lifts, compactors, and trucks.

Heavy equipment: Leasing vs. financing?

Leasing and financing heavy equipment are similar in that the person obtaining the equipment won’t need to purchase the machinery outright before using it. Instead, the leasee or borrower makes monthly payments on the equipment. But financing and leasing also have their differences. For example, an equipment lease has a fixed term with a monthly rental fee that can’t be paid off early, while an equipment loan can be paid off early, with any remaining interest wiped clean. Leasing also allows you to use the equipment itself as collateral, while you may need to provide additional collateral to secure equipment financing. There are multiple structures available for equipment leasing. Depending on the structure, at the end of the lease you may either own the equipment in full, exercise the option to purchase the equipment, or return the equipment.

How hard is it to get a heavy equipment loan?

Heavy equipment loans are not as difficult to qualify for as some other forms of financing, like a traditional term loan from a bank. If you have been in business for several years and have a credit score of 620 or above, you have great chances of qualifying. The higher your credit score and the longer you’ve been in business, the higher the probability that you will qualify and get a favorable rate and term. If your business is very new, you might still qualify for heavy equipment financing if you have a higher credit score.

How many years can you finance heavy equipment?

Generally, heavy equipment financing has repayment terms that are linked to the expected lifespan of the equipment being financed. This is so the borrower isn’t paying a loan on equipment that can no longer be used. Expect heavy equipment loans to have repayment periods from one to five years, with some lenders offering terms up to 10 years.

What is a restaurant loan?

While there are no loan products exclusive to restaurants, there are multiple types of business financing available that can provide working capital to cover business expenses or facilitate growth for a business in the restaurant industry.

FAQs – Cashifi

What is a medical practice loan?
read moreread more
What are the requirements to get a medical practice loan?
read moreread more
What can I use a medical practice loan for?
read moreread more
What is a construction loan?
read moreread more
What are the requirement to get a construction loan?
read moreread more
What can I use heavy equipment financing for?
read moreread more
Heavy equipment: Leasing vs. financing?
read moreread more
How hard is it to get a heavy equipment loan?
read moreread more
How many years can you finance heavy equipment?
read moreread more
What is a restaurant loan?
read moreread more