Provided by: Jennifer Kirschenbaum, Esq.
February 21, 2023
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?
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.