Dr. Nicole Mahanian of Tranquilo Dental worked for a variety of dental practices for several years. She loved her work, but something big was still missing – autonomy. Dr. Mahanian dreamed of having her own practice so she could always be sure of the highest standards of treatment and customer care. Owning the building was just as important to Dr. Mahanian as owning her own practice.
“You invest so much into building your business – I couldn’t run the risk of being at the mercy of a landlord,” she explains. “Five years down the road, if a landlord doubles your rent, you can’t just get up and move, you might lose your patients. Owning the real estate gives you freedom and stability.”
Last year, an opportunity presented itself: A shell dental office for sale in an ideal location in San Fernando.
With help from TMC Financing, Dr. Mahanian seized the opportunity. She’s now operating her own practice in her own building. Business is picking up and her patients are thrilled.
“If it wasn’t for TMC Financing and the SBA 504 Program, I would not have been able to buy this building,” Dr. Mahanian stated.
TMC Financing’s SBA 504 Loan Program Put Independence in Reach for Tranquilo Dental
Dr. Mahanian and her husband put their heads together to research dozens of financing options but nothing quite met their needs. Large down payments were a very common requirement, and that was not feasible for them.
Through their research, they eventually found the SBA 504 program and TMC Financing.
With the SBA 504 Program, businesses can finance commercial real estate purchases or new construction with a low down payment. Startups qualify for an attractive 15% down, while more established businesses can pay as little as 10% down.
TMC Financing’s Southern California loan expert, Jennifer Davis, guided Dr. Mahanian through the whole SBA 504 process, making the process much easier with her trademark responsiveness.
“Jennifer was amazing,” Dr. Mahanian tells us with a smile. “She’s so on top of it, she was always so responsive – I couldn’t have asked for a better person on my team. She really makes you feel like you’re the only person she’s working with.”
With Davis and the TMC Financing team helping every step along the way, it was obvious that SBA 504 loan was the best option for Tranquilo Dental. “The opportunity for 15% down was amazing,” Dr. Mahanian says. “I couldn’t afford the property without that.
“Additionally, the SBA 504 Program allows you to rent out up to 49% of unused space in your building. We’ve improved our cash flow by taking advantage of that opportunity.”
Davis recognized that Tranquilo Dental was a perfect fit for SBA 504 financing. “Many dental and medical professionals don’t realize that the SBA can help them as they establish their new practice,” explains Davis. “When qualifying them for financing to purchase a building, they take into account their industry experience. It was a pleasure to help Nicole get from her vision to reality.”
The SBA 504 Loan Program Can Help New Businesses Gain Stability
For Dr. Mahanian, the timing was ideal, too.
With six months of runway while the Small Business Administration paid its financed portion of the loan, Nicole never had repayment worries while she set up her new business for success. Combined with what she calls an “amazing interest rate,” the finances lined up just right with Tranquilo Dental’s big opening.
And what does Dr. Mahanian think now that the dream she worked for is there before her eyes?
“It’s definitely stressful,” she admits with a laugh. “But it’s worth it for the freedom and luxury to make your own schedule and build something from scratch you can be proud of and call your own. It’s an opportunity to be grateful for, and I owe it to TMC Financing.”
For a growing small business, TMC Financing is here to help you take the next step with the financing you need. The SBA 504 loan program offers favorable interest rates and low down payments you won’t find with conventional financing. To learn more or get started, contact us today.