Home / North Carolina / Greensboro / Doctors and Dentists
Bank Statement Loans for Doctors and Dentists in Greensboro, NC
Cone Health, independent practices and specialty clinics support a lot of physician and dentist owners in the Triad.
Greensboro doctors and dentists who own practices usually show insurer remittances and patient payments in a practice account. The lender looks at a 12 or 24 month stretch of statements, depending on the program.
Numbers behind the work in Greensboro
Payroll filings in Guilford County include 314 establishments in offices of physicians. They employ roughly 6,504 people, and the average annual pay is close to $113,842. That number leaves out proprietors who have no employees, who are common among physicians and dentists. A location quotient of 1.18 for jobs puts this work above the U.S. norm of 1.0.
Among residents of the city of Greensboro, about 1,140 people are self-employed in education and health care, equal to 3.0 percent of that group's workforce and 9.6 percent of all the self-employed.
Greensboro snapshot
| Measure | Figure |
|---|---|
| Employer establishments in offices of physicians | 314 |
| Jobs at those establishments | 6,504 |
| Average annual pay | $113,842 |
| Self-employed residents in the related group | 1,140 |
| Share of that group who are self-employed | 3.0 percent |
| Statewide share for the same group | 4.2 percent |
The local medical community
Cone Health's hospitals anchor a wide referral network, and independent main care, orthopedic, dental, pediatric and specialty practices surround them. Some practices are owned outright, others by a partnership, and some by a greater group in which clinicians hold a share.
What buyers face in the market
Anyone buying in the city of Greensboro should know that detached houses are 52 percent of units and buildings of ten or more units are 20 percent; the median resident is 34; and the usual rent runs near $1,172 a month. Medians hide a wide range, and the appraisal on the actual home is what tallies.
How a practice account reads
Insurer remittances arrive on a routine cycle, patient payments come by card and check, and payroll, rent and supplies leave the account. A loan analyst sorts deposits by source and applies the program's expense factor, which is often documented more precisely for a practice than for a sole proprietor.
Buy-ins and partnerships
A newer physician who bought into a practice should bring the buy-in agreement, the partnership or operating agreement and proof of the share. If you took on a loan to buy in, a mortgage lender will review the payment as a debt. Associates who are paid a salary may qualify on a distinct basis than proprietors.
What to bring
Practice statements for the window, ownership documents, a CPA letter, your license and board status, and evidence of reserves if the loan amount is large. A summary of payer mix and any expected changes helps an underwriter who is not familiar with your specialty.
Making the file easier
Greensboro is a market where 7.9 percent of workers are self-employed, so the questions below come up usually. A practice owner can show large deposits from insurers and patients while the owner's take home is much smaller. A statement examine starts with deposits, applies an expense factor and considers what portion belongs to you. Associates and employed physicians on a 1099 follow a easier path, because costs are lower.
Measured against the state
The North Carolina number for the same group is 4.2 percent, which puts Greensboro (3.0 percent) below the state. Among the 18 North Carolina areas on this site with enough workers to measure, Greensboro ranks 15th for self-employment in this group. At $113,842, pay runs high, so deposits often be big and so do the costs that sit behind them.
What to explain up front
Locum and per diem work creates uneven deposits from several agencies. A reviewer will match deposits to agency statements and look for continuity across time. A simple list of agencies and the months worked helps.
Getting the details right
The typical home in Greensboro was built close to 1985, so property condition is part of the conversation alongside income. Professional corporations sometimes pay the owner through a salary plus a distribution. The statement examine may accept business deposits with a factor or personal deposits showing the pay, depending on the program. Your tax professional can tell you which route is cleaner for your structure.
Employers in the work around Greensboro
| Line of business | Establishments | Jobs | Average annual pay |
|---|---|---|---|
| Offices of physicians | 314 | 6,504 | $113,842 |
| Offices of other health practitioners | 272 | 1,726 | $52,414 |
| Offices of dentists | 218 | 2,147 | $73,723 |
| Home health care services | 82 | 3,097 | $42,896 |
| Medical and diagnostic laboratories | 74 | 565 | $78,688 |
| Outpatient care centers | 54 | 788 | $57,845 |
These figures come from the Census Bureau's American Community Survey and BLS payroll records, explained on our data sources page.
This page is general information, not an offer. Lenders verify income and ability to repay, and program availability depends on the borrower and the property.
Related
- Bank statement loans in Greensboro, NC
- Doctors and Dentists: national guide
- What you need to prove
- Owner-Operator Truckers in Greensboro
- Small Business Owners in Greensboro
Talk to a loan officer about Greensboro
Apply online or call, and we will tell you which documents to pull together first.
Frequently asked questions
I recently joined a practice as a partner. Is that too new?
It can be reviewed with the buy-in agreement and your earlier income record in the same field.
Do associate dentists use statements?
Associates paid a salary often qualify with pay records. Statement programs fit operators and independent contractors.
How many physicians and dentists are there in Greensboro?
Payroll data for Guilford County show about 314 establishments with employees in offices of physicians, and Census estimates count approximately 1,140 self-employed residents of the city of Greensboro in the related industry group. Owners with no employees appear only in the Census figure.
Does a lender treat physicians and dentists in Greensboro differently from anywhere else?
A statement review is not local, but the purchase is. Here the median home is worth approximately $245,000, 50 percent of households own, and the median home dates from 1985; the North Carolina median value is $289,000.