In 2015, FiSol recognized Dentists, Veterinarians and Optometrists needed a lender with an intricate understanding of their industry and small business goals. We also recognized how frustrating it can be to balance different bank departments and points of contact with each individual loan. FiSol delivers a better lending experience by helping practice owners find the best bank and loan solutions under one roof, with one point of contact. At FiSol, we're focused on keeping it simple, offering FInancial SOLutions to Dental, Veterinary and Optometry specialists.
At FiSol, you'll work with a single representative. Your FiSol representative will work with you from the beginning to the end of the loan process and then continue to be a resource with your long-term FiSol relationship.
Not typically. Most lenders only approve and lend on loans within their space and rarely do they come up with innovative solutions to structure offerings. Most other lenders are unable to facilitate practice loans, commercial real estate and SBA financing options all under one roof and through a single point of contact.
FiSol offers a variety of financing solutions, including, but not limited to:Practice Acquisition: We finance practice acquisitions of all sizes, including multipractices.
Generally, a practice owner can borrow up to 85% of their practice's revenue if they have enough excess profit to pay the loan.
Loans can generally be used for the cost of starting or acquiring a practice, as well as equipment, real estate, working capital or debt refinancing.
Our preferred lenders' rates are competitive with other lenders' rates and vary depending on loan terms and type of loan, whether fixed or variable. The purpose of the loan will also affect the interest rate. Loan fees are based on the type of loan you need and the terms you require.
FiSol's preferred lenders offer competitive terms from 10 to 25 years depending on the type of loan and to give you the flexibility your practice needs.
Yes; FiSol's preferred lenders can offer 100% financing based on the type of financing you’re after.
Yes; FiSol will work with our preferred lenders to refinance your existing practice loan.
FiSol offers its financial expertise to dental, veterinarian and optometric medical specialties. The typical FiSol client is a medical professional looking for financial lending solutions for his/her practice without having to jump through hoops or be passed around from department to department.
Only after finishing your residency will you be eligible for a loan.
FiSol asks that its applicants have a minimum licensed experience of 2 years before applying, unless you are finishing or have finished a residency.
It begins with a simple conversation: to work with a FiSol representative, simply email a general overview of your practice and financing needs to [email protected]. FiSol knows you need a decision quickly, so we guarantee a 24-hour response from one of our representatives, who will schedule a phone interview with you.
Loan approval requirements vary based on the type of financing you’re after. Normally, FiSol needs 2 years of tax returns, a year-to-date financial statement and an application. In some cases, we’ll ask for a business plan and a description of why you want the loan. FiSol’s goal is to make the documentation request as minimal and as streamlined as possible.
The FiSol approval process is quick and streamlined. We ask for specific documentation and an application. On most loans, you receive an initial response from an approved lender within 2 business days.
You can always make extra payments on your loan. In certain circumstances, a prepayment penalty may be assessed.
Many of FiSol's lenders will offer a one-time 90-day deferral during the loan term if you face injury or illness or there is a natural disaster in your area.
Yes; the amount of the loan is subject to the loan type and approval.
A loan that is due before the amortization period is finished will require a balloon payment, which is payment of the remaining balance at that time.
Amortization is a common accounting term for the time period in which an intangible asset is paid off. For FiSol, this is the time period over which your loan is paid.
"Term" refers to the time period over which your loan is fixed.
Your credit score is a reflection of credit worthiness. Different agencies have different criteria. You should contact a credit reporting agency to find out your score.
After all of a businesses' financial obligations are met, the excess income or profit is considered Cash Flow.