Even the best run medical practices encounter cash flow issues when an unexpected or unanticipated event occurs.
For these occurrences most physicians will have a contingency fund set aside. That fund may be quickly exhausted by structural repairs caused by a weather event, government mandates, or even a possible business growth opportunity with a fleeting acceptance window.
The word “unexpected” implies that the need for cash is immediate. What most physicians encounter however, when they contact their banks or credit unions about Doctor Loans, is an application to funding process that is not time-sensitive.
To compensate, they may be offered other financing that is at best a stopgap measure intended to provide the needed financing as quickly as possible. Depending on individual circumstances, this may not be their best option for the long term.
So, yes, to respond to the topic, there are Doctor Loans, and then there are effective Doctor Loans that actually meet both the financial needs and the medical practitioner’s timeline. These efficient loans cannot be obtained through a traditional lender such as a bank, however.
Alternative financing companies have grown in popularity over the last decade because they meet potential borrowers’ two chief requirements: to assist them to obtain sufficient financing as quickly as possible.
Alternative financing companies’ application process is usually greatly simplified when compared with banks and credit unions requirements. Less documentation is generally required and application forms are shorter and may be filled out and submitted quickly.
Possibly the most advantageous step to the process is the financing decision criteria. It is not based on the prospective borrower’s FICO alone. This is great news to applicants who may have a lower credit score on their financial history. Another feature of the alternative financing process is the swift funding decision time. Applicants usually learn if they have been approved within 24 hours. Once approved, money is made available to them within days.
Many medical professionals have turned to National Business Capital, a well-regarded industry leader, for Doctor Loans. If you have questions regarding how to obtain financing for your medical practice quickly, please contact our Business Consultants at (888) 888-9124.
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Megan Capobianco is the Marketing Manager at National Business Capital & Services. Megan is passionate about helping business owners along their journey - providing them with relevant content they can use in their day-to-day operations.