|At LCF Financial
Services, we make every effort to make financing as easy
as possible. Below you will see the questions asked most
frequently. Feel free to contact us with more inquiries!
How do I apply?
You only need to call us! We can take a quick application
over the phone! You will need to give us your name,
address, phone number, and social security number. A
staff team member will notify you within 24 to 48 hours
of your application! We can pre-qualify you for an approval
up to $350,000.00. Should your particular project require
more, LCF requires a full financial package from the
past three years prior to approval consideration.
Am I obligated to use the approval?
No. Your approval is valid up to four months from the
day you are approved. Should you decide not to use it
immediately, it will remain in our system until expiration.
If you would like to use a portion of the approval immediately,
and wait a couple of months to use more, and so on,
you are able to do that as well. In the event that your
approval expires in the middle of your project, we can
re-approve as soon as it expires and the project continues.
You can also come back to us after an untouched approval
has expired and we are happy to renew it for you.
What if I do not have a space lease yet for
my practice start-up, or I have not found a practice
to buy, am I eligible for approval?
Absolutely! We encourage you to line-up the approval
prior to beginning any project. Some landlords need
to see proof of financing prior to lease signing. Some
practice sellers and brokers need to see that you are
approved before they consider you as a potential buyer.
By applying for financing before beginning even the
earliest stages of your project, you are able to eliminate
some unexpected problems.
If I choose to start-up an office, rather than
buy, how do I pay my construction, equipment, and obtain
LCF Financial Services prides itself on its practice
financing program. Once your approval is in place, and
you decide to finance with us, we will pay your rent
deposit directly for you with a copy of your lease,
stating the amount needed. Once you have signed your
contract with the construction company, you will fax
that to us, as well. We will pay all deposits and payments
directly to them upon their request.
Once your equipment is invoiced, you will fax them
to us and we will pay any required deposits prior to
delivery, all remaining balances after delivery, as
well as all payments in between. You may request working
capital at any time throughout your project. You do
not need to (and are encouraged not to) utilize all
working capital at once. You may take as much or as
little during the course of your office project. All
disbursements throughout the entire project are not
made without your written and verbal authorization.
You remain in control of your funds at all times.
If there is absolutely no money out of my
pocket during the project, when do I begin to pay back
my finance agreement?
Before you begin your project, you need to sign a proposal
based on your term and structure from which you will
choose among several options. If you are starting-up
an office, we recommend you choose an option that defers
payments for up to 90 days. You can also elect to eliminate
your advanced payment. By doing so, your cash-flow will
be where it needs to be during the first few crucial
months of running an office.
If you are buying an existing office, we recommend
you choose the deferred payment plan if you are not
purchasing any accounts receivable. You can choose whichever
payment plan best suits your needs. We have a variety
of straight payment plans available. Should you choose
a straight plan, you make your first payment at the
close of your transaction (typically this is when your
new office is opened, or when your funds have been wired
to the seller's account). In addition, with both deferred
and straight payment plans, you have the option of gradually
increasing your payments. This is an excellent way to
increase cash flow and business income during the first
few years of a practice start-up.