Choosing the right lender

Q. I want to build a new office for my practice but need financing. Aren't all loans the same?

A: There are numerous ways a lender can modify financing for your specific needs. For example, your lender can build a "construction contingency" into the loan to cover potential change orders and cost overruns, an "interest reserve" that allows you to pay interest only during the construction period, and a graduated repayment structure-lower payments when your practice starts out, gradually increasing as your business grows. A good lender should provide referrals for professional service providers such as accountants and designers and monitor financial payments to vendors, as well as other aspects of the project, to help keep your project on time and on budget.