Veterinarian SBA Loan Case Study

The borrower identified a building that could be transformed into a state-of-the-art veterinary hospital designed to serve a fast-growing community. He initially partnered with a local lender and structured a $5 million SBA 7(a) loan to acquire the building and complete basic renovations. As planning progressed, however, it became clear that the original loan structure would not support the full scope of upgrades and advanced medical equipment required to fully execute his vision.

That changed after meeting Evan Cohen, Business Development Officer, and Annemarie Murphy, Chief Lending Officer at First Bank of the Lake, during a veterinary conference. In a brief conversation, they offered creative ideas for restructuring the financing to support the complete project—without compromise. Intrigued by their approach, the borrower followed up a few weeks later.

“Whenever I called, Evan answered. That made all the difference,” he said. “As an emergency veterinarian, I’m often in surgery. Being able to reach him directly was a game changer.”

Working closely with the First Bank of the Lake team, the deal was restructured using a combination of a $5 million SBA 7(a) loan and a $1.9 million Pari Passu loan. A Pari Passu loan is a financing arrangement in which two lenders share equal rights to the same collateral, allowing for a higher total loan amount without increasing overall risk. This structure enabled the borrower to not only purchase the building but also complete full-scale renovations and invest in advanced medical equipment that would have otherwise needed to wait.

From the time the process formally began in January, the loan closed within approximately 60 to 70 days. The only delays were related to updated permitting requirements due to the expanded buildout.

“There were a few hiccups, like with any project,” he added, “but the team at First Bank of the Lake was always there to help. I really have to give credit to Evan—whenever I had a concern, I could just pick up the phone and he was always there.”

Today, this borrower owns the building that will soon house his new veterinary hospital, with renovations already underway. With construction progressing, his focus is now on opening his doors to the community and delivering the high-quality care he has spent his career perfecting.

When asked what advice he would give other aspiring business owners, he emphasized the importance of working with a lender who understands your vision and planning for growth. “Make sure you always leave yourself 20 to 30 percent extra room to grow,” he advised. When it comes to financing, his recommendation is clear. “I would recommend Evan and his team to anyone looking for an SBA loan.” Reflecting on his experience with First Bank of the Lake, he added, “I’d give First Bank of the Lake a 10 out of 10.”