What If Your Bank Says No To A Loan Request?
One reason you want to meet with your banker well before a loan is needed or due for renewal in this tight market is because they might say NO, or offer you a loan on terms you don’t want.
Fortunately, there are some legitimate alternative lenders such as ProMed (888.763.4626) and Matsco (800.326.0376) that are perfectly good options for practice owners. Disclaimer: I have no financial relationship with either company.
I spoke at length recently with Tom Dickershaid of Promed who works exclusively in the lending arena for MD's, dentists and optometrists. I was impressed with his general knowledge of the business side of optometry. He certainly knew more than any of the retail bankers I have talked to.
As I understand it, Promed works as an advisor and facilatator for doctors seeking to borrow money for a variety of practice related needs such as; new equipment, the acquisition of another practice, even operating expenses. Tom puts together loan packages and helps match lenders with borrowers.
My advice? If your bank is still willing to lend you money on the terms you like in this tight credit market, consider yourself fortunate.
If however, you want to get another opinion from a lending professional who is used to working with doctors, I think it’s worth your while to give these specialty companies a call.
Disclaimer: The information and opinions contained on this site are for discussion purposes only and are NOT intended to serve as legal, accounting or investment advice. ©2008 Jerry Hayes, OD. Not to be reproduced without written permission of the author.
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Mark, I am not sure who they
Mark,
I am not sure who they are. I am sure we will be able to consolidate your loans. Typically, we can add working capital and/or extend your term so that your payment is lower. Feel free to give me a call.
Tom Dickershaid
ProMed Financial, Inc.
888-763-4626
I have a loan through GE that
I have a loan through GE that I want to refinance.
They are tight on credit and GE sounds troubled also.
I was directed to Group Financial. Any thoughts?
Mark
Greetings, Dr. Hayes, I
Greetings,
Dr. Hayes, I appreciate what you do for the Optometric community. A quick message for your readers:
Currently, the credit crunch has many banks sitting on the sidelines. This is especially true for cash-flow based lending where an applicant is not required to pledge additional collateral.
It pays to know what choices are available for financing. Whether you are remodeling, adding equipment, automating to paperless or even opening or acquiring a satellite, we can help. Certainly we can help with start- ups and first time acquisitions as well.
Feel free to call for any reason. I will do my best to help you.
In health,
Tom Dickershaid
ProMed Financial, Inc.
888-763-4626
tom@promed-financial.com