"I would like to express my gratitude in sticking with me and getting
my loan funded. The lien finally got cleared. I
appreciate you believing in me and working with me to the end to get
You spent many months with me on this, and I am glad I chose
to call you back instead of the numerous others I could have. Thank you
also for waiving some fees, every bit helps and it really felt like you
were trying to help me rather than take advantage of my situation. This
loan was not just a loan, it is piece of mind and allows me to provide
the best service I can for my patients.
I didn't know if I would get the loan and would have to take from my IRA or credit cards
since the construction is already done. This just makes things simpler.
You have been an easy, knowledgeable, responsive, reliable, and
"Words can't describe how excellent the service was. Turned
down by 1 lender, and offered 50% financing by another lender. But Diana never gave up on
me and got the loan funded. Thank you so much."
"Thanks BRT. You guys are great at
staying in touch. Wish all the banks were like this."
"The best ever, sharp, smart and confident company.
100% on top of everything. BRT Is Amazing. handled the whole process. They really know what
they are doing and I wish I had the individual I dealt with on my team. They wouldn't take
no for an answer from people that were used to saying this can't be done."
"BRT has been great to work with throughout the
whole process. Very dependable and efficient. I would highly recommend BRT financial. Having
an independent liaison between you and the underwriter is a big advantage, especially if they
are on your side. BRT took care of all the communications and followed through every detail.
I would use their service again!"
"I just want to say "Thanks for helping get into my new practice! If it wasn't for you
helping me and knowing the right lender, I would not be in my own dental practice today.
Keep up the good work and good luck to you!"
"I would really like to thank you for your GREAT help in
getting me this hard to fund loan. I tried every bank, no one wanted to help! I know that you
worked hard and made it work. I will definitely refer you to my fellow doctors."
"48 hours after completing the simple on-line application I received notification I
had been approved for unsecured financing and just 2 days later had the money in my account
with a great interest rate and fixed terms with no pre-payment penalties."
"I went to my local bank for financing and they turned me down!
Thank you so much for all your help... 5 payments in and things couldn't be better!!
Thanks again for all of your help this past summer. It sure is nice being able to sleep
at night without worrying about how we were going to pay off those credit cards. My wife
and I can't thank you enough!!! Our other situation has also been resolved without a
problem. The best part is I am saving $2,440.29 per month and I will have it
all paid off in 5 years!"
"BRT financial did a wonderful job assisting me in the acquisition of my physician's
loan. Their extremely prompt and courteous service made the process painless, while
their attention to detail and willingness to listen allowed me to get the loan that
best suited my needs!" Thanks
"When I decided to purchase a chiropractic practice, financing became one of my biggest
concerns. Luckily I was blessed with discovering BRT Financial. My practice
finance specialist, worked one-on-one with me from the very first day. She assisted me
in exploring all my options and always gave the extra time to make sure everything went
smoothly. Thank you, BRT for helping me acquire the practice of my dreams!"
"Today I talked with BRT Financial,
I dealt with them a number of years ago when I was building my practice. BRT is Christian based and is
operated on Christian principles. You can be assured that BRT will be always looking for
what is in your best interest.…"
BRT Financial has aided countless doctors to start-up a new office, or to buy an existing office. We find there are far too many medical professionals who do
not have enough information about the process, cost, or even where to get started. At BRT Financial, we have found the most important asset a new practice owner in the
medical field must have when making the decision to take on a new business venture, is what to expect throughout the entire funding before getting started. Prior to
making any decision regarding your future, you must be able to anticipate the pros and cons. The goal of this section, then, is to familiarize you, the new practice
owner, with the process of starting-up a new office or purchasing an existing practice!
When Starting-up an Office:
First, you will need to secure financing. The most important aspect of your entire project is method of payment. Your landlord may need to see you are going to be
approved for financing before you can sign the lease. You could lose the space to someone who already has financing secured, while you are applying. Your contractor
may need to see an approval letter from a vendor prior to estimating and signing a contract with you. Your equipment vendor may make a similar request. Each level of
the project could be delayed without your financing secured. If you are intending to pay for some of your start-up office out of your pocket, and finance remaining
balances at a later date, always set up financing first. Landlords, contractors, and equipment vendors want to know they will be paid, and paid on time.
Landlord and Space Lease Issues:
In the second step of your start-up process, you will need to find a location. Space leases are sometimes difficult to find. When you do locate a potential spot for
your office, though, don't be too quick to sign anything. You need to ask the landlord about the square footage and rent. Compare it with other offices in the area.
Also, look around to be sure your competition is far enough away from you. You do not want to open a new office, with zero patient records, when an existing,
established office is on the same block. Be sure to check with the Landlord about your plans. For example, your landlord needs to be aware that you will be
building-out a space for a Veterinary office and, obviously, there will be animals, noise, etc. all day and all night. There may be issues with other tenants
and you will need to be sure they will not petition to "evict" you once the office is open.
Construction and Equipment Companies:
Once you find a potential space, talk to a construction company for an estimate. You may find there are some difficulties with the space lay-out that may cost you more
in construction than you should need. Be sure to speak with several construction companies for estimates. Speak with friends for a referral. Once you decide on a space,
think about how many examining rooms/operatories to build-out, and how many of those to equip. You may want to leave extra room for future expansion. Once you decide
how much equipment you will need, make a list and begin contacting equipment vendors. You will need to speak with several in order to be sure you are obtaining the
best value. You probably have an idea of which manufacturer to use, so be sure to estimate that particular brand with the vendors, if you are not purchasing directly
from that manufacturer.
When starting up a new practice, it is not recommended to build your own office building, or buy an existing building, and then do further construction to make it into a
medical office. It is too costly and you are not guaranteed an immediate patient base. If you are thinking of this path, ask the owner of the existing building if
you can rent for the first five to ten years (typical term of a start-up loan) with the option to buy the building at the end of that lease.
Once your project begins, you will need to be insured. Make sure your contractor's insurance will cover any damages to your office during the course of your
construction. Once equipment is installed, you will need to purchase "business contents insurance". While the office is under construction,
you should be contacting insurance companies and setting your insurance into place. Once your equipment is installed, your lender requires proof of insurance.
When Buying an Existing Office:
If you are dealing with a Practice Broker, he or she will make sure you are fully aware of all advantages and disadvantages of purchasing accounts receivable. They will
also make sure you know the age of the equipment, square footage of the office, number of active patient records, fee schedule, etc. However, if you are not dealing with
a broker, BRT Financial, can help you obtain the information you will need to be sure you are purchasing a successful office. As with starting-up a new office,
the first step is to be approved for the financing before signing an office lease. With practice acquisitions, though, the process is a little different. The practice has to “cash-flow” to be approved for financing!
Once you have found an office to consider, you must send three) years of tax returns, an evaluation of the practice profile, and the reason for the sale.
First, be sure to know the reason the office is for sale. If the doctor is retiring, find out if he or she is "staying on" for a few months or not. You will also need to
know if the office staff is aware of the sale. If they are not, that could prove to be a huge obstacle during the practice transition. It is very important that the
staff "stay on" during the transition. It is always best for the seller to be available if he or she chooses not to stay-on after selling the office. You may have difficulty with certain
patients and the seller's insight could be what you will need to keep those patients.
As with a practice start-up, you will need to provide evidence of business contents insurance. When acquiring an office, be sure to evaluate the
replacement cost of all equipment inside the office. This is the amount of insurance you will be required to obtain. Check with the current owner to see how much
contents insurance the practice currently has in place.