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Medical Practice Loans

Get $10,000 to $2M.

No Cost or Obligation

SINCE 2010

86,000+ Business Trust Us

How It Works

Qualifications are less than banks.

Soft credit pull. Checking eligibility will not affect your credit score.

Why Sunwise Capital

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Application

Fast and easy one-page application. It takes less than 5 minutes to complete.

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Fast Approvals

Get approved and funded the same day.

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Top Rated

Flexible financing and tailored funding solutions to your unique goals and needs.

Are You Eligible for Medical Practice Financing?
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Monthly Insurance Deposits

Monthly Insurance Deposits

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Monthly Gross Deposits

1 Year Minimum

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Time in Business

Minimum $10,000

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Loan Amounts

$10,000 to $2M

What Are Medical Practice Loans,

and How Do Doctors Get Business Loans?

Physicians and specialists might apply for a medical practice loan to get financing. Medical professionals can use this funding for various uses, including covering operational expenditures, purchasing inventory or equipment, acquiring an existing practice, or beginning a new one. This use of funds varies depending on the loan package.

Financing for Doctors – Medical Practice Business Loans

The good news for any medical professional is that finding a suitable loan shouldn’t be too difficult for any healthcare professional or doctor.

Physicians have excellent earning potential, a high net worth, and a steady salary, making them ideal doctor loan applicants for any traditional lender or online lenders. A business loan for doctors is often available to healthcare professionals who currently operate a medical practice and want to expand their facilities.

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Purchase equipment – Expand or modernize your practice with the money you need to replace that out-of-date x-ray machine, specialized equipment, or expensive equipment with this financing option.

Consolidate debt – combining your payments into a single monthly payment will help you save money in the long run and help improve your cash flow.

Specialized lending – Speak with a funding specialist at Sunwise Capital. We offer financing plus expertise in alternative business loan solutions that traditional financial institutions, major banks, or credit unions don’t provide with competitive rates and terms.

Practice Acquisition Loans – If you’re looking to purchase a medical practice, we can provide financing for up to $2 – $5 million.

You’ll get quick responses, and we will work hard to find a solution that works best for you.

Our customer service representatives are available 24 hours a day, 7 days a week.

MEDICAL PRACTICE LOANS

No Cost

No Obligation

24 Hour Approvals

Doctor Business Loans: How Do They Work?

Physicians have excellent earning potential, a high net worth, and a steady salary, making them ideal loan applicants for lenders. A medical practice loan is often available to doctors who currently operate a medical practice and want to expand their facilities.

The process of applying for a medical practice loan is relatively straightforward. The doctor will need to complete an application form, provide financial information, and submit supporting documents. Once a lender like Sunwise Capital approves the loan request, the money is in the borrower’s bank account within 24 hours.

Banks, credit unions, and online alternative lenders like Sunwise Capital usually offer doctor business loans. There are many online options available.

Commercial lending institutions may offer different types of funding options and loans, such as term loans, lines of credit, cash advances, and SBA loans. These customized lending solutions are relative to the amount of capital needed to fund the expansion project.

Physician loan program packages vary from $10,000 to $5 million with attractive interest rates. Some lenders even specialize in providing loans specifically for physicians.

How Much Can I Borrow with Doctor Business Loans?

The maximum amount that you can borrow depends on your personal situation. You’ll want to consider how much financing you need to cover expenses, what type of loan you’re looking for (term vs. revolving), and whether you plan to use the funds for operating costs, equipment purchases, etc.

If you’re planning to purchase more than $100,000 in equipment, you should look at a revolving line of credit instead of a term loan. Revolving lines of credit let you draw down the entire balance whenever you need it, while term loans only allow you to draw down the principal amount once.

If you’re planning to use the funds for operational costs, you’ll likely need to seek out a larger loan package. More significant amounts of capital will give you more flexibility when making decisions about the scope of your project.

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Loan Program for Medical Practices: What is the Best Medical Practice Business Loan?

SBA 7(a) Loans

SBA loans are among the top small business loan options if you need the best medical practice loan. The Small Business Administration guarantees up to 85 percent of these loans, which intermediary lenders fund. One of the most widely used SBA loan products is the 7(a) loan offered by the SBA.

 
7(a) Small Business Loans Cons:

  • The application process is lengthy. You need at least two years of business tax returns.
  • Extensive underwriting
  • Long lead period for obtaining finance

 
7(a) Pros

  • Availability of large sums of money
  • Extended repayment terms and competitive interest rates

 

Qualifications:
SBA 7(a) loans are available to medical practices that meet specific requirements, including credit approval.

  • Over $180,000 in annual revenue
  • A credit score of 660 is required.
  • The practice or business has been in operation for over two years.

 

The following are the conditions of an SBA 7(a) loan:

  • Borrowers can receive up to $5 million in loans.
  • Five-year to 25-year loan term.
  • Rates of interest are low.
  • Financing within two weeks.

 

MEDICAL PRACTICE LOANS

No Cost

No Obligation

24 Hour Approvals

Traditional Bank Loan

Some medical professionals prefer traditional institutional lenders (aka a bank). For qualified borrowers, this can be an excellent alternative; some banks even provide medical practice financing-specific loan programs for real estate or a medical office.

Business Term Loan

Our gold-standard loan is custom-made for small businesses like yours. Sunwise Capital works with you to create a customized solution that fits your needs. We provide alternative funding solutions to health care providers, with lending programs and lending requirements less stringent than commercial lenders with flexible payment options. Loan proceeds can be available the same day as applying.

Small Business Loans for Doctors

Term loans are typically 6 months to 3 years. Term loans often have a higher interest rate than other loan types since they are unsecured.

The minimum credit score is 500 or better. Borrowers with solid credit scores can receive up to $2M. Credit decisions and access to funds can be the same day as your request for business funds.

Medical Practice Funding Using Business Revolving Line of Credit

Line of credit financing allows you to access as much cash as you need without locking yourself into a long-term contract. Lines of credit offer flexibility and let you manage your finances according to your specific needs.

Line of credit financing requires no collateral or security. It’s ideal if you don’t have any assets that could serve as collateral.

There are many different types of a revolving line of credit financing.

Some examples include:

  • Business Line of Credit
  • Business Credit Card
  • Debit Cards
  • Cash Advance/ATM Cards
  • Checking Accounts
  • Home Equity Lines
  • Personal Loan or Line

 

Merchant Cash Advance

Alternative lenders, particularly direct internet lenders like Sunwise Capital, offer merchant cash advances (MCAs), a non-loan form of funding. Merchant Cash Advances (MCAs) allow businesses to receive a cash advance in exchange for a portion of their daily or weekly credit and debit card sales. The business cash advance is significant for those with short term cash flow issues.

These medical emergencies are when merchant cash advances come in handy:

  • Medical professionals need short-term financing or working capital, especially those with cash flow shortages due to the high cost of labor costs, slow-paying insurance companies, or even malpractice insurance.
  • When professionals prefer smaller loan amounts and shorter durations.
  • Owners of medical practice, health care practices, or even a private practice whose credit scores aren’t high enough to be approved by regular lenders.
  • Approval rates are high with no actual minimum credit score.
  • The maximum loan size is $500,000.

 

Equipment Financing

There is a lot of money involved in purchasing and maintaining medical equipment. This type of financing is for medical equipment purchases and repairs, including imaging machines, diagnostic equipment, lab equipment, exam tables, computers, and wheelchairs, as well as other medical equipment.

Equipment loan terms reflect how long the equipment lasts, and there may be a down payment required.

You should use equipment financing if your organization needs equipment and is looking for a fast turnaround and funding.

Medical practice loans can be secured or unsecured.

Ready To Move Your Practice Forward?

Get Started Today!

Sunwise Capital offers a variety of business loans designed specifically for small businesses. We’re here to help you get started with the right loan for your unique situation. We’re experts at being able to offer tailored business loans for doctors.

We provide all types of business loans from traditional bank lines of credit through installment loans, SBA loans, and more.

Please fill out our quick online loan application today if you’d like to learn more about our products and services.

MEDICAL PRACTICE LOANS

No Cost

No Obligation

24 Hour Approvals