Medical Office Building Loans
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Let’s face it, funding the acquisition of a medical office building may be a difficult challenge. Owing to the high expense of building renovations (customized plumbing, installation of consultation spaces, lead walls for x-ray or surgical units, etc.) and the added cost of furniture, appliances, and advanced instruments, the procurement, and renovation of a medical office will become a complicated and costly undertaking. Speak to us about Medical Office Building Loans.
However, opening a new medical practice (or refinancing the existing one) may be one of the most significant financial choices a doctor takes in his whole career. So, if you’re only a couple of years out of a residence or a doctor with decades of experience, you want a reliable financial partner that will support you get the money you need to grow your practice.
Medical Office Building Loans
The medical office building is a specific type of office real estate. These buildings can be either stand-alone or part of an official medical park. Medical office buildings can have a number of offices for doctors, consultants, laboratories, and clinics. Projects for medical office buildings are in high demand since they normally have high vacancy rates and long-term leases. Despite this, the need for modern medical office buildings is growing due to demographic changes, rising population, and, of course, the obsolescence of older office buildings.
Unique Features
Medical office building loans have some special and unique features. For example, the DSCR normally begins at 1.20, marginally lower than standard office buildings. Another advantage of medical office building loans is that we will loan up to 90% of the loan to value, more than several standard office building loans. The slightly relaxed lending conditions for medical office building loans represent the profitability of the business segment. They have high occupancy rates, and tenants have often remained loyal for decades. The advent of the Affordable Care Act (ACA) also created more demand for medical care from insured individuals. This, in turn, has resulted in a higher level of construction of medical office buildings. However, it appears that the legislature may eventually remove the ACA from existence.
Common layout
Medical office buildings are frequently clustered within medical parks by developers. A hospital, emergency room, or acute-care facility is usually located in the center of these medical parks. The construction of medical office buildings must meet the needs of medical practices. This frequently includes a preference for high energy efficiency, modern and appealing layouts, and technology provisions. Often, a single large lab serves the entire medical park and manages the lab needs of multiple practices. This conserves resources and, more importantly, can save a significant amount of money.
Similarities between: Office Building Loans and MPC Loans
Office medical park loans are similar to master-planned community loans, in that construction loan facilities are revolving sources of funds that pay for the construction of a building and then pay off mini-perm loans. Construction loans are typically interest-only loans. The mini-perm payout would then replenish the development funds for the next group of houses. Mini-perm loans will eventually be financed on a permanent basis with amortization periods of up to 30 years.
Our commitment to efficiency and transparency helps you to avoid costly mistakes. We're working hard to streamline the entire loan process, from the initial conversation to the day you get your money. We'll keep you up-to-date and informed throughout your experience with us. By taking advantage of next-generation technology, your loan will move seamlessly through each stage. Our experienced team knows your time is precious, and we're not going to waste any of it. We strive to provide unparalleled service and unwavering dedication to your success. Our customers are at the heart of everything we do at Commercial Real Estate Loan Pros of Miami. We like to say that we treat every customer like our only customer, and we honestly mean that. Your hopes, your dreams, and your goals have a lot of weight – that's what we're working together to achieve. It's just how we operate, going above and beyond for you. We can only say that we’re successful when you are too, so we’ll do everything in our power to make that happen.
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Do you need a commercial medical practice loan?
The shortage of doctors almost creates a bidding process to attract and retain good-quality doctors to practice at the moment. In saying that, it is important to talk to a financial professional, such as an accountant or financial adviser, before going into medical practice.
If you think you’re ready to take the next big step in your career, talk to one of our commercial mortgage brokers today.
We are specialists in business loans for doctors, and we know that we are building a strong case so that you have the best chance of getting approved. Get your pre-approval before you start shopping for your dream practice.
If you work in the medical industry, Commercial Real Estate Loan Pros of Miami can make it easier to finance all forms of your small, medium to large construction projects, whether your existing home or investment property.
We can also advise you on the correct planning steps involved in choosing the right builder, consultants, and contractors for your project venture, as many construction projects fail due diligence before the start of the project. If your plans are approved or in the process of being approved and you have approximate construction costs, you can either use your existing assets to finance your project or use the completed project as security, subject to lending terms and conditions. We can also help you manage monetary progress claims as you reach the milestone of your construction.
Upon completion of your project and with sufficient equity, we can revalue your asset and set up a line of credit to help you finance your next project, purchase a new home or investment property, or even your lifestyle needs.
With our goals in mind, personal touch, and professional approach, we are proud to assist all medical professionals and workers in obtaining exceptional financial products so that they can achieve their financial goals! Apply now for Medical Office Building Loans with the help of our awesome team.
There are so many areas or regions where we offer these services with most of them being cities.
However, if you need any of these services, you need to contact us. The list below comprises the areas where we offer these services.
We service all counties and cities throughout South Florida. However, if you need any of these services in other cities throughout the state of Florida, please contact us. See what services we offer below: