As a result of the current pandemic, most dental specific loan providers have quickly responded. Below are some details that we have recently received from Lendeavor on how they have responded.
Current clients of Lendeavor were all contacted last week directly with the opportunity to accept deferred payments to their current loans to ease the burden to their cash-flow as they navigate this event. It appears they are the only national lender to take the proactive approach of reaching out to all clients opposed to taking the reactive approach of waiting for them to contact us.
Current Approved Loans with Lendeavor
Business as usual. We are open for business with the closing team, inside sales, outside sales and (most importantly) underwriting at full capacity with no interruption of service. There have been no material changes to our underwriting policies.
Some very specific product advantages that could be very timely right now as they consider buying a practice or refinancing debt:
We offer up to 6 months of deferred or interest only payments on ALL practice acquisition loans.
We offer the most working capital available on loans $1,000,000 and under – up to $100,000 and will go beyond that amount for larger transactions.
We offer up to $25,000 in working capital on refinance loans of external practice debt
We offer up to 10 year terms on all refinancing of external debt and have no issue with “recasting” the loan payments on a new 10 year loan.