Provided by:  Jennifer Kirschenbaum, Esq.

 February 21, 2023

Hi Jennifer,

It may be a strange time to ask, because of what I read about the economy, but I am thinking of expanding.  What type of lending do you think is available? 

Dr. B

You’d be surprised! Many colleagues are in the same spot - looking for new space or a new location, hiring, new equipment…. Lending is available in the medical space. The real question is at what interest rate.  I floated this to a contact at BOA healthcare lending team and he relayed loans are getting done at under 5% - so commercial lending rates are definitely increased but not at usury levels (just yet).  Definitely shop a few options and make sure to check out at least 1 or 2 teams that specialize in healthcare.  You’ll be surprised the resources they have available - mapping areas, discount relationships, etc.   BOA and TD are two banks that have dedicated medical and dental teams.