Keywords: PNC Solution loan, health professions residency, practice financing, medical practice, dental practice, veterinary practice
Owning your own practice is a major career milestone to any healthcare professional. Funding this dream, on the other hand, can be an uphill task. Fortunately for you, PNC Bank has special financing options for practice owners in the medical, dental, and veterinary fields. In this review, we shall delve into details of the PNC Solution loan for health professions residency that highlights eligibility criteria and offers insights into the application process.
About PNC Bank and Its Healthcare Practices Solutions
PNC Bank is a leading financial services company that dedicates itself to its customers, from the single person to small business owners to corporations and government entities, for more than 160 years. From individuals with over 9 million consumers and small business owners who rely on PNC for their banking, to those needing practice financing as healthcare professionals, they offer every banking product and service necessary.
Recognizing this unique challenge healthcare professional face when it comes to opening and owning a practice, PNC Bank provides an array of cash flow solutions to optimize revenue cycle management. This bank also gives free educational resources as well as services that are tailored for the medical, dental, and veterinary practices such as their Business Insight e-newsletter and web seminars.
Types of Practice Loans provided by PNC Bank
PNC Bank has very many packages of loans regarding practice financing for physicians, dentists, and veterinarians. The finances are designed to assist perpetrators on different avenues based on their needs such as the expansion of practice, a purchase of clinical or even business equipment, buy-ins/buy-outs, refinancing debt alongside real estate investment. Some of the major types of loans include:
1. Secured Term Loan: Secured term loan finances from $100,001 through $3 million for small business and commercial real estate loans. The payments are automatically deducted from a business checking account.
2. Owner-Occupied Commercial Real Estate Loan: The loan applies to the acquisition or refinancing of owner-occupied commercial real estate using health professional’s range of $100,001 to $3 million. It debits from the business checking account.
3. Small Business Administration (SBA) Loans: PNC Bank offers SBA 504 as well as 7(a) loans starting from $100,000 to upper limit of $5 million for eligible healthcare professionals. Loan requirement includes automatic deduction from a business checking account.
Note also that the PNC Bank offers a 100 percent waiver on its standard origination fee for practice loans. However, it does not offer a waiver on the third-party costs associated with SBA loan fees.
Eligibility requirements for a PNC Solution Loan for Health Professions Residency
While a lot of the requirements for practice loans are considered on a case-to-case basis, there are general criteria that healthcare professionals must generally be able to meet in order to qualify for financing from PNC Bank. Still, every loan application is different but these generally include:
- No adverse credit events: No history of bankruptcy or short sale within the prior seven years.
- Proven revenue production: A proven revenue production, from the current employer, that demonstrates that applicant is able to pay the requested amount.
- Employment history: Usual requirement for a minimum of a one-year employment history.
- Cash savings reserves: Target to have the customer demonstrate liquid savings reserves of $10,000 and above.
Applying for practice financing may be a more involved process than applying for other types of loans, such as mortgages. Expect to have detailed conversations about your goals and business plan before moving into the application process. Questions a lender may have about the practice you are looking to buy, like the base of patients in that practice and projected future inflow of funds. You should provide an early introduction of your practice as well as yourself to lenders for financing your practice.
Learn More about PNC Practice Financing
Although the PNC Solution loan for health professions residency may not have online details readily open about it, a variety of means by which to come into contact with PNC Bank exist in order to ascertain pertinent details for a given meeting. Methods for finding out more information about PNC practice financing include:
- Contact PNC Healthcare Practice Managers: In many states around the country, PNC Bank has specifically dedicated Healthcare Practice Managers who can provide custom advice and information on your practice financing. Alabama, Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Maryland, Massachusetts, Michigan, Minnesota, Missouri, New Jersey, New Mexico, New York, North Carolina, Ohio, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, Washington, Washington D.C., West Virginia, and Wisconsin are the states with dedicated Healthcare Practice Manager.
- Call PNC Bank: You may directly call through to PNC Bank via its phone line, where you will be needed to dial 877-566-1355. The representatives should help you or answer your questions.
- Submit a Contact Request: One of the things that you could do on the PNC Bank’s website is submitting your contact request.
- Visit a PNC Bank Branch: If you would prefer to go beyond the virtual boundary and discuss it in person, visit any of the PNC Bank branches that are nearest to your area for inquiries pertaining to the assistance you require in financing for medical practice.
Other Practice Loan Options
The PNC Solution loan for health professions residency works great, but it’s always best to shop around at a few lenders to get the best pricing and terms that work for your specific scenario. However, it is not always this easy to find such information online as practice financing programs are relationship based and therefore often require an in depth exploration and application process. Be also willing to invest time and effort into discussions and paperwork in order to find the best fit.
It pays to start your search by exploring alternative practice loan options by state. Contact at least two banks, and compare their offers to find out the best for you. In any case, the financing of practice is a serious decision, that’s why your choice of lender can be fraught with long-lasting consequences.
Practicing as a health professional is exciting. The PNC Solution loan for health professions residency avails you tailored funding options to help in expanding your practice, purchasing equipment, and real estate investment. By understanding what these eligibility requirements are and communicating with PNC Bank’s designated Health Care Practice Manager team, the better you can maneuver through practice financing. Spend your time in doing the research on different lenders and what they have to offer, tending their financial products to suit you. Proper planning and the right level of financial support will soon see you make that practice ownership dream come true also.
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