Documents Needed for an Optometry Practice Loan
Gathering the right paperwork is one of the most practical ways to prepare for an optometry practice loan. Whether you are buying a practice, expanding, refinancing or opening a new office, lenders need documents that show who you are, how the practice performs and how the money will be used.
This checklist covers what lenders commonly request for optometry financing. Exact requirements vary by lender, program and transaction, and nothing here is legal, tax or accounting advice.
Why Documentation Matters
Lenders make decisions based on verified information. Incomplete or inconsistent documents can lead to follow-up questions, delays or changes to the terms offered. A complete, organized package helps a lender understand your request and can make the process smoother for everyone involved.
Personal Documents
Because most practice loans include a personal guarantee, lenders review the owners as individuals. Expect to provide:
- Personal federal tax returns for several recent years
- A personal financial statement listing assets, liabilities and income
- Authorization to pull your credit report
- A current resume or CV showing education, licensure and clinical experience
- A copy of your optometry license and any relevant certifications
- Recent personal bank and investment statements to verify liquidity
- Details on student loans and other personal debt
Credit plays a meaningful role in this part of the review. Our guide to the optometry practice credit score explains what lenders tend to look for.
Documents for Buying an Existing Practice
For an acquisition, lenders will want to understand the practice you are buying. The seller typically provides much of this information:
- Business tax returns for several recent years
- Year-to-date profit and loss statement and balance sheet
- Revenue breakdown by exams, medical eye care, optical and contact lenses
- Payer mix, including vision plans, medical insurance and private pay
- Accounts receivable aging
- Optical inventory summary
- Equipment list and any existing equipment loans or leases
- Current lease, including assignment terms and landlord consent requirements
- Staff roster with roles and compensation
You will also provide deal documents, such as a signed letter of intent and, later, the purchase agreement. If a seller note or transition agreement is part of the deal, those terms will be reviewed too.
Many of these items overlap with your own investigation of the practice. Our optometry practice due diligence checklist covers the broader review.
Documents for an Existing Practice Owner
If you already own a practice and are borrowing for expansion, equipment, working capital or a refinance, lenders will usually ask for:
- Business tax returns for recent years
- Current interim financial statements
- A debt schedule listing every loan, lease and line of credit with balances and payments
- Business bank statements
- Entity documents, such as articles of organization and operating or partnership agreements
- Quotes, invoices or contractor bids for the project being financed
Documents for a Start-Up Practice
A new practice has no operating history, so lenders lean more heavily on the owner and the plan. In addition to personal documents, expect to provide:
- A business plan describing the market, services, staffing and marketing approach
- Financial projections with clear assumptions
- A lease proposal or letter of intent for the location
- Build-out bids and equipment quotes
- A summary of startup costs and working capital needs
Documents for Real Estate Loans
When an optometry practice loan includes buying a building, lenders typically add:
- The purchase contract for the property
- Property information, such as a rent roll if other tenants occupy the building
- Appraisal and environmental reports, which are usually ordered during underwriting
- Insurance quotes for the property
SBA-Specific Forms
If you are applying for an SBA 7(a) loan, the lender will also ask you to complete program forms, such as a borrower information form and personal financial statements on program templates. Owners above certain thresholds may need to sign guarantees and provide additional information. Eligibility and terms depend on the business, the buyer, the use of proceeds, program rules and lender review. Every loan is subject to approval, and nothing here is a commitment to lend.
Conventional practice loans may have somewhat different documentation requirements depending on the lender.
Tips for Organizing Your Optometry Practice Loan Package
- Create a shared folder with clearly labeled files
- Make sure tax returns are complete and signed, including all schedules
- Keep interim financials current and consistent with tax returns
- Prepare a short written explanation for any unusual items, such as a dip in revenue or a credit issue
- Ask your accountant to help reconcile any differences between statements
- Respond to follow-up requests promptly
Being organized early can help the overall process. Our article on the optometry practice purchase timeline explains how documentation fits into each stage of an acquisition.
Documentation Mistakes to Avoid
- Sending unsigned or incomplete tax returns
- Providing interim financials that do not tie to the tax returns
- Leaving out existing debt, equipment leases or personal obligations
- Relying on seller-prepared summaries without the underlying records
- Waiting until late in the process to request lease or landlord documents
Each of these can trigger extra questions and slow a review.
Final Thoughts
A complete, organized document package helps lenders evaluate your optometry practice loan request clearly. Starting early, keeping financials consistent and working with your accountant can reduce back-and-forth and keep the process moving.
US Medical Funding helps optometrists prepare financing packages and connect with the right lending options. Learn more about our optometry practice acquisition financing and our full range of optometry practice financing options.
