2025 - This California cardiology group was on the verge of closing a deal when the bank introduced a last-minute covenant requiring audited financials—which the physicians were unwilling to accept. The group turned to CMAC who initiated a comprehensive RFP process to vet the market and secure superior financing options.

The new financing eliminated the need for CPA-audited financials and provided flexible personal guarantee arrangements based on internally prepared statements, with guarantees set to be released upon delivery of reviewed financials. Understanding the group’s preference for minimizing debt, CMAC collaborated closely to enhance cash flow and design a shorter-term repayment structure aligned with their objectives.

Ultimately, the physicians chose to maintain two separate facilities: a primary construction loan and a tenant improvement note. The real estate loan closed on a 10x25 term with early repayment options, while the tenant improvement loan was structured with a 10x15 term and similar prepayment flexibility. The doctors were pleased that CMAC successfully identified better financing solutions and worked diligently to structure the loans according to the physicians’ goals and preferences.