What is Loan Doctor?
The Loan Doctor is a program that helps medical professionals with their financing needs, from practice acquisitions and startups to student loan refinancing and more.
Why should I trust you?
The team behind Loan Doctor is composed of medical and finance industry professionals. We have bought practices, started practices, sold practices, bought equipment, real estate and refinanced student loans. If there is any type of loan a medical professional could get, we have personally been through the process. We know the ins and outs of each step of the way, the key economic factors to consider, and all of the hidden dangers and pitfalls that most borrowers are not aware of. We can help you put your best foot forward when applying for the loan, making sure you get the best terms possible. We have helped over 2000 doctors get over $500 millions in loans. Most importantly, we are on your side, and we work with many lenders so we are not partial to any particular one. You are our client and our only goal is to keep your finances healthy.
How does it work?
We start with a consultation to understand your needs, and then work with you to get loan proposals from our Trusted Lending Partners in your area. We help you compare and evaluate the loan options independently, and help you make the right choice.
How much does it cost?
There are no fees or retainers for us to work with you. In the majority of cases, we are paid directly by the lender. We have one or two lenders that discount their rate upfront in the loan and a fee is charged at closing or outside of closing. We will always let you know for each lender whether it’s a no fee or a fee-based lender
Why is it free for the doctor? How are you compensated?
We are almost always compensated directly by the lender, it works the same as a mortgage broker or insurance agent, who help you shop around for the best deal and are paid by the lender.
Why do lenders pay you?
Lenders expend considerable time and resources to bring in business, and they are especially interested in medical professionals because we are considered “high quality” borrowers who rarely default on loans. To find clients, lenders spend large amounts of money sponsoring events, attending trade conferences, and going door to door. All of that effort still does not guarantee them a client. On the other hand, by helping match borrowers like you directly with the lender, it makes the process more efficient and they are happy to help cover our costs of providing this service to you.
What is the advantage of using Loan Doctor over just finding a loan myself?
We have extensive relationships with the top healthcare lenders nationwide, and leverage our collaborative buying power to get you the best rates. Our Trusted Lending Partners know that we look out for the best interest of our clients, and that we will always help them find the best deal, period. As a result, they will always offer the best terms they can to our clients, saving you time and hassle. We also take the time to work with you to help you understand the terms of each loan, and to truly compare each one to determine what is the best option for you. We help you find critical items beyond simply the interest rate, such as balloon payments, prepayment penalties, loan modification criteria and other important terms so that you can feel confident you understand each option and are making the right choice.
What if I find a better rate elsewhere?
We have worked extensively with our Trusted Lending Partners to ensure you will get the best terms available from any lender. In the unlikely event that you have obtained a financing proposal from a lender outside of the Loan Doctor program, and none of our Trusted Lending Partners are able to offer you better terms, you are completely free to go with the outside lender, with no obligation to us whatsoever. Please keep in mind that if you obtain a proposal from one of our Trusted Lending Partners, and subsequently use that to negotiate with an outside lender, you consent to a 1% origination fee, payable to Loan Doctor when you close with your original lender. Think of a patient coming to you and getting a comprehensive treatment plan, then taking it to their old doctor to try to get a discount and getting treatment done with them. This policy ensures the fairness of the process for all parties.