We love our pets, don’t we? More than 30% of U.S. households have at least one dog or cat. The veterinary and pet care industry, no doubt, will continue to grow in the coming years. If you need financing for your veterinary practice, animal clinic or pet care center, you can count on PHD Financial to find you the best loan product for you.

Veterinary Practice and Pet Care Center Loan Terms

In general, loan terms for these facilities include:

  • Loan Size: $1 million+
  • Loan Purpose: Loan can be used for property acquisition or refinancing, but cannot be used for business only-financing
  • Loan Term: 3, 5, 7 and 10-year fixed-rate terms
  • Amortization: 15, 20, 25 and 30-year options
  • Leverage: Up to 90% LTV allowance (with SBA loans)
  • DSCR: 1.20 minimum DSCR
  • Credit Score Requirement: 660 minimum

SBA Loans for Veterinary Practices

While privately-insured commercial property loans have their place, many veterinary practice and animal hospital owners have discovered that the SBA 7(a) and SBA 504 loan programs are also very effective ways to finance their business. With SBA loans, veterinary practice and pet care center owners can purchase commercial real estate, buy equipment and get working capital. That makes these loans much more versatile for business owners who need more than just property to start their business growth. While SBA loans have many benefits, they do have stricter requirements than most other kinds of financing, including increased credit score requirements.