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.
Peter Almonte was highly professional. They did not treat me as a number but as a valued client. They are very knowledgeable about practice transitions, and were attentive, and prompt to respond to all my concerns. I feel like I have made new friends. It was a pleasure working with them.Marc J. Franks DMDNorwalk, Connecticut
"Selling a dental practice is at times a stressful, emotional rollercoaster ride. Jean and Paul Fallago provided the expertise and hand holding that was critical during the entire process. I highly recommend them for anybody considering this phase of their professional career."Ernest Corner, DMDWarwick RI
Jean made what we had anticipated to be a very stressful event totally stress free. She was accessible 7 days a week and guided us every step of the way. She is a true professional.John Carrocia, DDS & Elizabeth Carrocia DDSCranston RI
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