When shopping for a bank, it is important to understand that ‘traditional’ banks require collateral for a loan in order that they have something to seize and liquidate in the event that a borrower defaults in payment. Therefore, it is normal and customary for the traditional lenders to request additional collateral over and above the assets of a dental practice as security for the loan. This ‘additional collateral’ takes the form of spousal guarantees and second positions on the residence.
For this reason, we recommend that you work with a ‘specialty lender’ that knows the business of dentistry and therefore does not require ‘additional collateral’. Through the years we have worked with a lot of specialty lenders and can advise you as to which specialty lenders best suit your purchase needs.
I first met Jean and Paul 3 years ago, when thoughts of transitioning were just beginning. They developed a plan and I followed it with continual guidance. When the time came to list the practice, multipole meetings were held on two consecutive days. The result was multiple full price offers on the first weekend of listing. The overall process was handled with experience and professionalism. On a side note, I purchased the practice 30 years prior through the Almonte Group as well. I highly recommend Jean and Paul of the Almonte Fallago Group.Guyle Morris DMD
I would urge anyone to utilize Jean Fallago and her team, whether you are selling, looking to acquire an office for expansion or if you are ready to dive into private practice for the first time. Jean will be sure to match you up, so that your future success will be certain and stress free.Elias Koutros DDS
Both Jean & Paul were extremely helpful in the initiation, valuation, and evaluation of the practice and buyer. The fact that I had a choice of buyers made me feel comfortable at picking the right dentist. Considering babies born, health issues on your side, COVID, quarantining, etc, and the nutty PPP escrow, I think all went well! Stay safe and much success in the future!
Thanks Jean and PaulMichael Santacroce DMD
As a buyer, I cannot thank Jean enough for what she did for me during what could have been a challenging process. She provided clear guidance and recommendations for my partnership buy-in which itself can be harder to tackle than others. I would recommend Jean to my colleagues without any hesitation.Rui Ma DMD
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