『Real Estate and Practice Ownership: Lending Tips from Live Oak Bank’s Chandler Wrightenberry』のカバーアート

Real Estate and Practice Ownership: Lending Tips from Live Oak Bank’s Chandler Wrightenberry

Real Estate and Practice Ownership: Lending Tips from Live Oak Bank’s Chandler Wrightenberry

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"You can never have enough cash.”

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Summary

In this episode of Hey Docs!, Jill chats with Chandler Wrightenberry from Live Oak Bank to discuss the intricacies of healthcare lending, particularly focusing on practice purchases and real estate investments. Chandler shares insights from his extensive experience at Live Oak Bank, emphasizing the importance of understanding costs, building a supportive team, and maintaining transparency in banking conversations. They explore the current market conditions, project timelines, and the significance of long-term investments in healthcare real estate. Jill and Chandler also touch on the complexities of construction timelines, the importance of zoning, and the necessity of having the right team when expanding an orthodontic practice. They emphasize the need for realistic expectations regarding project durations and financial preparedness, including cash management strategies.


Connect With Our Guest

Live Oak Bank - https://www.liveoak.bank/
Chandler’s Phone Number: (828) 337-1374


Takeaways
  • Chandler Wrightenberry has over 12 years of experience in healthcare lending.
  • Live Oak Bank is the largest SBA lender in the country by volume.
  • Building a supportive team is crucial for successful real estate projects.
  • Transparency in financial discussions leads to better outcomes.
  • Interest rates are currently stable and reasonable for borrowing.
  • It's important to have early conversations with lenders about financing.
  • Investing in real estate is a long-term commitment that can yield significant returns.
  • Doctors often experience growth after relocating to new facilities. You should have an expectation of working with a city to get everything finalized in about six months.
  • Ground-up construction typically takes nine to twelve months for planning and an additional 18 to 24 months for completion.
  • Zoning issues can significantly delay project timelines, so it's crucial to ensure proper zoning before purchasing a property.
  • Having a specialized commercial real estate agent is essential for navigating zoning and permits.
  • Expect projects to take longer and be more expensive than initially anticipated.
  • Financial preparedness is key; saving cash and having a safety net is crucial for large projects.
  • A good rule of thumb is to have at least 10% of the project cost in cash reserves.
  • Investing in liquid assets can provide quick access to cash when needed for projects.

Chapters

00:00 Introduction
04:35 Market Reality Check
07:16 Costs and Rates Today
11:25 Build Your Project Team
15:04 Be Candid With Lenders
19:21 Realistic Project Timelines
22:23 Remodel vs Ground Up Schedule
23:29 Zoning Pitfalls and Team
26:08 Lease Timing and Overlap
28:03 Cash Reserves and Liquidity
32:00 How to Contact Chandler

Episode Credits:

Hosted by Jill Allen
Produced by Jordann Killion
Audio Engineering by Garrett Lucero

Are you ready to start a practice of your own? Do you need a fresh set of eyes or some advice in your existing practice?

Reach out to me- www.practiceresults.com.

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