No veterinary practice is able to operate without a premises – but there are plenty of financing options to help you secure yours. Commercial mortgages aren’t too different from mortgages on a personal home, and they’re usually the first option vets turn to.
- When buying a veterinary practice, a commercial mortgage is often the best choice. Commercial mortgages can be used to buy or refinance property, although the former option is the most applicable to veterinary practitioners.
- The lending institution you approach when looking to buy a practice will advance a certain percentage of the property’s value, which will be repaid monthly, along with interest.
- Interest rates are calculated based on a variety of factors, including the business’ size, profitability, and credit score, as well as the size of their deposit.
- Commercial mortgage terms can range from as little as three years to as much as thirty, although most veterinarians aim to complete their purchase within ten to fifteen years.