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All of your questions answered

FAQs

About FiSol

expand_moreWhat is FiSol DVO and what does its name mean?

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.

expand_moreWhat does having “a single point of contact” mean?

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. 

expand_moreHow is FiSol different from other practice lenders?

FiSol offers a unique process, fast response time and individual support to prep the best financial solution for your practice. FiSol helps you find the right solution for your unique needs through flexible loan solutions—from loans to credit lines to credit cards and more. Through our singular support you get what your practice needs from one company and a single dedicated contact—from start to finish.

expand_moreDon’t all practice lenders offer customized financing packages?

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. 

expand_moreAre you hiring?

We're always looking for talented, highly-motivated individuals who are committed to finding the best financing solution. Email us your resume and reason of interest at [email protected]. We're excited to hear from you!

Loan Solutions

expand_moreWhat different types of loans and financing programs does FiSol offer dentists, veterinarians and optometrists?

FiSol offers a variety of financing solutions, including, but not limited to:Practice Acquisition: We finance practice acquisitions of all sizes, including multipractices.

  • Practice Start-up: If you desire to keep costs low in your practice's first year, we can offer interest-only payments on start-up loans for the first year.
  • Expansion and Relocation: Whether you're moving across the country or renovating your practice, we can meet your financing needs.
  • Commercial Real Estate: We offer real estate 7a and 504 loans in-house.
  • Equipment: We offer equipment loans for all types of equipment.
  • Practice Equity: We offer loans to help you invest in your existing practice.
  • Working Capital: We offer short-term business working capital loans and business lines of credit.
  • Debt Consolidation and Refinancing: We'll help you find the right loan to pay off high-interest debt.
  • Small Business Administration (SBA): We'll help you choose the right SBA loan program to finance your fixed assets such as real estate, construction or machinery.

expand_moreHow much can I borrow?

Generally, a practice owner can borrow up to 85% of their practice's revenue if they have enough excess profit to pay the loan.

expand_moreWhat can a loan be used to finance?

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.

expand_moreHow are interest rates and loan fees calculated?

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.

expand_moreWhat terms does FiSol offer?

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.

expand_moreDoes FiSol offer 100% financing?

Yes; FiSol's preferred lenders can offer 100% financing based on the type of financing you’re after.

expand_moreCan I refinance my existing practice loan?

Yes; FiSol will work with our preferred lenders to refinance your existing practice loan.

Eligibility for a Loan

expand_moreWhat medical specialties does FiSol work with?

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. 

expand_moreAm I eligible for a loan during my residency?

Only after finishing your residency will you be eligible for a loan.

expand_moreHow long do I need to be licensed before I can get 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.

Applying for a Loan

expand_moreHow do I apply for financing?

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. 

expand_moreWhat documentation does FiSol require?

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.

expand_moreWhat does the approval process look like?

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.

Loan Payments

expand_moreIs it possible to make extra payments?

You can always make extra payments on your loan. In certain circumstances, a prepayment penalty may be assessed.

expand_moreWhat is FiSol's policy on skipping loan payments?

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.

expand_moreCan I refinance credit cards with a practice loan?

Yes; the amount of the loan is subject to the loan type and approval.

expand_moreWill my loan require a balloon payment?

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.

Terminology

expand_moreWhat is an SBA Loan?

The SBA lending program was established by the U.S. Small Business Administration to promote the growth of small businesses. An SBA loan provides financing for fixed assets such as real estate, construction or machinery. Its various programs are tailored to suit the small owner's unique needs. More information on these programs can be located here.

expand_moreWhat is amortization?

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.

expand_moreWhat does “term” mean?

"Term" refers to the time period over which your loan is fixed.

expand_moreWhat is a credit score or rating?

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.

expand_moreWhat does "cash flow" mean?

After all of a businesses' financial obligations are met, the excess income or profit is considered Cash Flow.