Seneca, SC
5/13/2011
Location: Seneca, SC
Property type: Medical Facility
Industry: Medical
Loan amount: $2,450,000
Loan type: SBA 7(a)
Purpose: Refinance existing mortgage, consolidate debt, and obtain working capital
Loan scenario:
Dr. Marion McMillan is a board certified anesthesiologist and endoscopic spinal surgeon. He is the President and Medical Director of Synergy Spine Center (SSC) located in Seneca, SC. SSC is an ambulatory surgery center (ASC) that treats patients with spinal stenosis, herniated disc, and work-related spinal injuries.
Dr. McMillan refinanced the mortgages on two buildings, and consolidated some business debts. Two equipment loans were also refinanced, in addition to two lines of credit. Dr. McMillan started the practice and constructed the subject buildings in 2002 (surgery center) and 2008 (administrative building).
The loan was secured by first mortgages on the surgery center and the adjacent office building from where Synergy Physician Group P.A. operates, equipment being refinanced, and first lien on a piece of land owned by the borrower
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"Small business financing can be difficult and often frustrating. In tough economic times, finding a lender to partner with can be next to impossible. That’s when I met the folks at Ocean Capital
From the outset, the team at Ocean Capital worked hard to understand our practice expansion plans, business model, and marketing strategy, and worked within the existing SBA lending structure to design a lending program to precisely meet our financing goals.
I think the term "relationship" best describes the method of interaction presented to us by Ocean Capital. I am a satisfied client, and a more effective business leader as a result."
- Marion R. McMillan MD
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