No – the loan may be paid-in-full at any time.
The ASC will send the ownership distributions directly to the lender. Distributions are applied to the loan payment due (accrued interest/principal). If the distributions are greater than the loan payment, the borrower may have the option to prepay the loan or receive the overage personally via direct deposit.
The interest rate will vary by loan. We offer competitive interest rates.
There are two one-time fees (facility fee and legal fee). The fees are included in the loan amount (no out of pocket fees required).
Physicians buy-in loans are for 5 years (20 quarterly payments of principal + accrued interest).
Example: $100,000 loan will be divided into 20 quarterly payments of $5,000 (principal) + accrued interest.
No – the loan is considered a commercial loan. We do not report loan balances to the credit reporting agencies. The credit report will note that we pulled your credit.