(Newswire.net — January 23, 2021) — Doctors and medical experts are unique. You might have spent many years in medical school, and now you are responsible for taking care of patients’ health. Between administrative and clinical duties, coordinating with other medical professionals, and keeping up with medical advances and research, you will be wearing different hats; This means it is possible to overlook your financial health.
Finding the right financial solutions to back your practice or purchase a new asset is essential. Some of the best financial solutions you may consider are:
Flagstar Bank
A professional loan will allow you to get financial support of up to $840,000 with no PMI and down payment. However, you must have a minimum credit score of around 720 to qualify.
Practicing physicians qualify for this loan, and it is available in 50 different states.
ProsperHealthCare
It offers an excellent medical financial option for medical experts. The loan is available for fertility, bariatric, dental, and cosmetic doctors, with an interest rate of around 6%.
The key feature of ProsperHealthCare is the ‘zero cost’ initiative without charges for the practice. Therefore, this means you may save thousands of dollars every month.
Traditional Bank Loans
A few borrowers still prefer getting loans from traditional lenders or banks. If you are eligible to borrow a loan, traditional banks can be an excellent option for your medical practice.
For example, Wells Fargo and US Bank are some of the best lenders, which provide unique lending to medical professionals, including veterinarians, optometrists, and dentists. Banks take into account qualities, which may adversely affect other borrowers, such as student loans.
Home Loans
Home loans refer to no down payment funding solution for dentists and physicians. With a list of the best doctor mortgage loans, you will get an option that provides a relaxed debt-to-income ratio and jumbo loan balance without PMI (private mortgage insurance).
These are also known as physician mortgage loans, doctor home loans, and doctor loans.
Business Lines of Credit
Business lines of credit operate differently when compared to credit cards. You may get approval up to a particular limit, but it doesn’t draw the upfront funds like you would with a term business loan where you might need to take lumps sum upfront.
You will only pay funding charges on the current balance. Business lines of credit serve as an excellent option for physicians since it offers flexibility and might be cost-effective for emergencies or unexpected expenses.
SBA Loans
The SBA (Small Business Administration) provides federally financed options, especially the 7(a) for entrepreneurs with small businesses. They are perfect options for long-term funding, particularly if you’re not able to secure finance through traditional banks.
According to LeverageRX reports, SBA loans will provide you with around $5 million for land or equipment purchases, capital repairs, debt refinancing, construction costs, and practice expansions. Interest rates might be lower, resulting in more extensive repayments terms and monthly payments.
Doctors go through after and during school due to high costs, which come with medical training; this might leave them not knowing what to do to pay for school fees and other necessities. Luckily, many loan services and banks have started providing financial solutions, so it would be upon you to choose the best.