Are you ready to purchase a commercial condo for your medical practice?
A commercial condo offers a variety of benefits for medical entrepreneurs in private practice or partnerships.
Unlike other types of real estate, where up to 35% of the property cost must be put down in cash, medical professionals can purchase a commercial condo with a down payment of just 10%.
Thanks to a program available through the U.S. Small Business Administration, it’s possible to secure up to 90% of the cost of the condo through low-interest financing.
This is a great option for those just starting their business.
Whereas banks often want to see proof of a profitable business that’s already up and running, many SBA loans are targeted toward those just getting started.
It’s important to have good credit, a healthy down payment, and the ability to commit to staying in the space for 3 to 5 years.
Since the size of commercial condos can be somewhat limited, it’s best to make a purchase during a time where you don’t anticipate the kind of growth that would require a larger space in the very near future.
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