011: Intricacies of Private Financing with Rob Westhoven (Part 1)

Aug 23, 2023

A dream that many newly licensed professionals share as they enter the marketplace is starting their own business. While that goal is clear, it is often unclear how to make it a reality.

In this episode of Private Practices in Maine, Michael welcomes guest Rob Westhoven, a Senior Vice President and Director of Dental Banking at Androscoggin Bank.. As Director of Dental Banking, Rob specializes in helping professionals fund their practice dreams.

With Rob’s extensive knowledge of lending, together they remove some of the mystery from obtaining a professional practice loan in part one of this series. They discuss what a savvy loan officer should understand about their institution and how it impacts the client, the five Cs of credit, and why lenders typically like to see a borrower that has experience before they purchase a practice.

Making your dream of owning a practice should not be mysterious, and with Michael and Rob’s expertise, you will walk away from this episode more informed and prepared for a practice loan.

In this episode, you will hear:

  • Rob Westhoven’s path to settling in Maine with his family and how he ultimately landed at Androscoggin Bank as a senior vice president
  • His decision to transition from loan officer to credit analyst and the differences between the two roles
  • Why it is important for a loan officer to understand the priorities and requirements of their institution 
  • How Rob became interested in private practice lending and what makes it different from other industries
  • The five Cs of credit
  • Rob’s lending approach for new professionals who want to borrow money to start or purchase a practice
  • Why a borrower should have  clinical experience before purchasing a healthcare practice and how lenders assess relationships between buyers and sellers
  • The investment professionals make in their careers and how that dedication and character help create business relationships

Resources from this Episode

Connect with Rob Westhoven on LinkedIn – www.linkedin.com/in/robert-westhoven-844aa745

Androscoggin Bank – www.androscogginbank.com

Website – malloyfirmmaine.com

Phone – (207) 333-6700

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