Conventional Bank Financing with Zero Money Down and Minimal Seller Financing
Planning to purchase a very large veterinary practice, I needed approximately $1M in funding. There were two major hurdles: (1) The owner was not willing to finance more than 10% of the purchase price, and (2) I didn’t have sufficient capital for a down payment. In addition, other funding institutions required a larger percentage of seller carry-back and down payment.
Not only did USMF provide the right financing solution for my business purchase, but they included working capital and additional financing to update aging equipment. The owner did not have to carry back more than 10%, and I didn’t have to come up with a down payment for my USMF-customized loan. Having interest-only payments for the initial six months of the term was also helpful, and was a key factor in making a smooth practice transition.
I was able to buy the practice with zero money down, and was able to close the practice purchase without negotiating a larger amount of seller financing, which might have jeopardized the entire deal. My practice is now so successful that we’re preparing to add another associate this year. If it wasn’t for USMF, I might have never been able to accomplish my ultimate goal of owning my own veterinary practice. I will definitely continue to recommend USMF to fellow veterinarians.
–Mark Mills, DVM, North Deering Veterinary Hospital (Portland, ME)