David Bourret
Senior Vice President
Ten Post Office Square,
Boston MA 02109
Boston MA 02109
Phone: (617) 912-1915
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Through its Commercial Lending Group, Boston Private Bank is pleased to offer its customized lending services to the physician members of the Massachusetts Medical Society, their practices and their senior executives. A high level of service is delivered from our smaller, locally based platform, epitomized by a relationship led by a senior officer of the Bank, backed up by other officers and experienced staff, and supported by 21st century technology.
Lending products are tailored to the specific needs of the client, and are carefully structured to meet those needs and provide the basis for a long term relationship between the client and the Bank.
In addition, the Bank has the capability to produce legal documents “in house” for all of its loan transactions except for those involving real estate as collateral, or those of a particularly large dollar value or complex nature. For the members of the Massachusetts Medical Society, the cost of those in house documents would be limited to nominal collateral filing fees.
1.) Term loans: Term financing can be made available to an individual member or to a practice, typically for the buy-out of a partner, the purchase of a practice, the purchase of equipment or for leasehold improvements. Personal term loans may also be made available to meet investment objectives outside of one’s medical practice. Rates can be negotiated on a fixed or floating basis, and collateral may vary with the purpose of the loan.
2.) Real estate financing: Commercial mortgage loans are available for the purchase or refinancing of a building or office condominium to house the Borrower’s practice, or for personal investment. Rates may be fixed or floating. The Bank is also a very experienced construction lender.
3.) Revolving Lines of credit: The Bank provides short term, renewable loan facilities to practices for working capital, typically the support of accounts receivable, or to individuals for personal liquidity or investment purposes. These are typically priced at a floating rate, and are secured by business or personal assets.
4.) Standby letters of credit: These are irrevocable obligations of the Bank typically used to secure an office lease in lieu of a security deposit, or they may be issued in conjunction with an investment. Collateral is required and annual fees are competitive.
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