As a hospital owner, beginning to consider a construction project one of your first calls should be to a lender. Over my twenty years of handling these calls from hospital owners there are a few key areas I believe a good lender can help you start down the right path on your construction project.
Identify Different Loan Products: The financing structure you choose to fund your project will impact maximum project budget, timing on accessing funds or required documents to receive loan funds and most importantly personal cash outlay. A strong lender will provide insight into the requirements of different loan types including; conventional real estate loan, SBA 504, SBA 7(a) loan, or and a business equity loan to allowing you to finance 100% of your construction project. Completing the right upfront diligence on the financing structure will build a foundation for a successful project.