THE CLIENT

There’s a medical practice on Long Island, NY, staffed by a trio of foot and ankle specialists. These physicians deal with the bones, soft tissues, and function of the foot and ankle, as well as podiatric conditions that may affect other body parts.

Board certified by both the American Board of Foot & Ankle Surgery and the American Board of Podiatric Medicine, the doctors provide a wide range of care, from nonsurgical methods to correct common podiatric problems to state-of-the-art corrective and reconstructive surgical techniques.

THE CLIENT’S CHALLENGE

This well-established practice is located in the most heavily populated section of Long Island. The doctors’ office is in a unique mixed-use property, one unit of three in the building – and while a unique building is interesting to look at, it can also be challenging to finance.

Only one of the three units, the doctors’ office, was occupied. The other two were vacant and hadn’t been renovated. The practice had an SBA (Small Business Administration) loan with an upcoming rate adjustment—to avoid a significant rate increase, they had to refinance quickly. But the two vacant units made it almost impossible to refinance with a standard lender.

THE APEX COMMERCIAL CAPITAL SOLUTION

$1.2M • Mixed-Use Mortgage Refinance and Cash-Out • Closed in Less Than a Month

Fortunately for the podiatrists, Apex Commercial Capital makes credit decisions and offers funding solutions based on more than just how a business looks on paper. The unique nature of the property was a non-starter for other lenders, but it was a non-issue for Apex Commercial Capital, a flexible lender that is comfortable with a building like this.

Apex Commercial Capital’s streamlined approval process doesn’t include many time-consuming steps other lenders insist on, like a global cash analysis, which could have blocked this loan.  Apex Commercial Capital quickly approved a Rate and Term Refinance, allowing the practice to pay off the SBA loan before it matured.

FINAL RESULTS

By quickly refinancing the doctors out of their current SBA loan, Apex Commercial Capital helped the practice save money by avoiding the adjustment. Now, with a fixed term, the doctors won’t have to worry about the rate adjusting as they did with the previous lender. This will make it easier for the practice to look ahead and take steps to either renovate the other two units or expand by opening another location.

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