Turning professional aspirations into thriving businesses is a common dream for many licensed professionals. However, navigating the path from vision to reality can be hazy and challenging. In the most recent episode of Private Practices in Maine, Michael introduces a special guest, Rob Westhoven, Senior Vice President and Director of Dental Banking at Androscoggin Bank. Rob’s role as Director of Dental Banking lends expertise in aiding professionals to finance and actualize their practice ambitions, revealing the steps to turn dreams into successful realities.
Navigating the complexities of securing a professional practice loan can feel like traversing uncharted territory. In the first installment of this series, Michael leverages Rob’s wealth of lending knowledge to demystify the process. Together, they unravel the layers of understanding what a loan officer should know about their institution and why it is important, the five Cs of credit, and why lenders often prefer e for practitioners to have experience before becoming a business owner. With Rob’s insights, this episode offers clarity for professionals aspiring to turn their practice ownership dreams into well-informed, attainable realities.
Some important points in the episode include:
- Most loan officers spend some time as credit analysts before moving on to lending. It allows them to understand the risk appetite of their organization and the local market they’re serving. This allows lenders to avoid wasting time on situations that will not be approved.
- Why underwriters look for the five Cs of credit on an application: character, capacity, collateral, capital, and conditions.
- How many years Rob recommends spending in your profession working and gaining experience before starting your own practice and why.
- The dedication and character required to become a licensed professional make their ability to obtain financing easier. The lender understands the type of person they’re lending to, and their character is a good indicator of their creditworthiness.
For more Rob Westhoven’s expert lending advice, this is a must-listen episode.
If you want to learn more about Private Practices in Maine, check out https://malloyfirmmaine.com/ppm011.