Bank of America
When you need financing for your dental practice, you want to work with someone who understands your industry. For over twenty years, Bank of America Practice Solutions has helped dentists across the nation reach their goals through smart financial solutions¹ and expert guidance. Whether you own a practice or are just getting started, we can provide customized financial help for your short-term needs and long-term aspirations.
Practice Sales and Acquisition Promotional Offer2:
- 1.89% for the First 2 Years and then a competitive rate through remaining term of loan
- Minimum loan amount of $250,000
- Applications from September 13, 2021 through March 31, 2022
- Loan must fund by June 30, 2022
Extended Start Up Promotional Offer3:
- 2.99% for the Life of the Loan on all approved Start-Up Loans
- Applications from July 1, 2021 through December 31, 2021
- Must Fund/Interim Project Opened date of April 30, 2022
Purchase and start-up1:
- Practice sales and purchases
- New practice start-ups
- Owner-occupied commercial real estate products4
Growth and restructuring1:
- Improvement and expansion financing
- Equipment financing
- Practice debt consolidation
Expert guidance. Personal attention. Real solutions.
1 All programs subject to credit approval and loan amounts are subject to creditworthiness. Some restrictions may apply. The term, amount, interest rate and repayment schedule for your loan, and any product features, including interest rate locks, may vary depending on your creditworthiness and on the type, amount and collateral for your loan. Products and restrictions are subject to change. Bank of America may prohibit use of an account to pay off or pay down another Bank of America account.
2 For the limited time beginning with Practice Sales Acquisition (PSA) applications submitted on September 13, 2021, and ending with applications submitted on or before March 31, 2022, and booked and funded by June 30, 2022; a promotional fixed rate of 1.89% per annum for the first 24 months of the loan will be applied for qualified, approved loans only. Excludes all other Practice Solutions products, including, but not limited to: refinances, established, startups, debt consolidations, commercial real estate, and any product that contains a variable rate. Not eligible with interest only payments. To be eligible for the interest rate offer the loan must be a minimum of $250,000; loan terms must be 10 to 15 years in duration, include a five-year prepayment agreement; and the borrower, before loan closing, must have a demand deposit account with Bank of America that will serve as the primary business operating account of the borrower, and which demand deposit account must be maintained for the life of loan. If the borrower fails to maintain this demand deposit account with Bank of America at any time during the life of the loan, this promotional rate shall terminate, and the interest rate for your loan will increase by 1.00%. Your rate after the promotional period ends will be fixed for the remaining term, up to 15 years.
3 For the limited time beginning with applications submitted on July 1, 2021, and ending with applications submitted on or before December 31, 2021, and interim projects opened by April 30, 2022, interest rate on qualifying approved Practice Solutions secured term startup loans will be a fixed rate of 2.99% per annum for the life of the loan. Startup loan may be for a first, second or third startup location. Promotional offer excludes: practice expansions, practice relocations, practice renovations and practice acquisitions (Shells & Jumpstarts). A prepayment fee will be applicable during the first five years of the loan term. Excludes Practice Solutions lines of credit, refinances of existing Practice Solutions loans, commercial real estate loans, equipment loans and any product that contains a variable rate. To be eligible for the fixed interest rate offer of 2.99% per annum for the life of the loan the borrower, before loan closing, must have a demand deposit account with Bank of America that will serve as the primary business operating account of the borrower, and which demand deposit account must be maintained for the life of loan. If the borrower fails to maintain this demand deposit account with Bank of America at any time during the life of the loan, this promotional rate shall terminate, and the interest rate for your loan will increase by 1.00%. Promotional rate is not applicable during the project phase of the loan, and during the project phase, the interest rate will be a per annum fixed rate of 12.00% for first time practice owners, and a competitive market rate for established practice owners.
4 For Owner-Occupied Commercial Real Estate loans (OOCRE), terms up to 25 years and 51% occupancy are required. Real Estate financing options are subject to approval and product availability is subject to change. For SBA loans, SBA eligibility and restrictions apply.
Bank of America Practice Solutions is a division of Bank of America, N.A. Bank of America and the Bank of America logo are registered trademarks of Bank of America Corporation. ©2021 Bank of America Corporation. MAP 3798486