New Construction Financing
As part of our routine client follow up, CMAC learned about challenges this group was facing with its new ASC construction project. Conversations with the incumbent bank had stagnated and the group was anxious to begin construction. The group realized that CMAC’s influence could help propel the project forward and engaged CMAC to send RFPs to over 25 banks.
The RFP process created pressure on the banks to offer the most competitive proposals. Kennedy White ultimately closed on this project with a rate significantly under market. The bank agreed to honor its terms through a series of rate hikes and allowed the rate to remain fixed through construction, closing with an 18-month interest-only period on a 15-year term loan. The group secured both a new construction loan and new equipment loan to assist in the growth of their practice.