Top 5 Tips for Qualifying for an Assisted Living Loan
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Getting a loan to start your assisted living business can feel confusing. Where do you start? What should you do to prepare? How do you get lenders to say “yes”?
Good news — you don’t have to figure it out alone! This guide breaks down the top 5 tips to help you qualify for an assisted living loan and get the funding you need.
Let’s dive in! 🚀
Check out this video, too:
Why Qualifying for an Assisted Living Loan is Different
Qualifying for an assisted living loan is not like getting pre-approved for a house. Each loan and each lender looks at your deal differently. That means your chance of approval depends on the specific property and lender.
So, you need to be prepared for a process that requires careful planning and strong relationships.
Tip #1: Build a Strong Foundation with Your Business Plan and Numbers
Lenders want to see you know your stuff!
Make sure you have:
📌 A clear business plan — who you are and what you want to do.
📌 Solid market research — proof that the location can support your assisted living facility.
📌 Careful underwriting — detailed financial numbers that show your deal makes sense.
💡 Need help? Download our free Business Plan Checklist to get started!
Tip #2: Get Your Documents Ready and Organized
Lenders will ask for a lot of paperwork. Get ahead by creating a folder with:
📁 Your business plan
📁 Market research
📁 Underwriting spreadsheets
📁 Bank statements (last 2-3 months)
📁 Pay stubs (last two)
📁 Tax returns (last three years)
📁 Personal financial statements
When you send all your docs quickly and organized, lenders see you’re serious — and that boosts your chances!
Tip #3: Improve Your Credit Score — But Don’t Stress
Good credit helps, but it’s not the only factor.
Here’s what you can do:
✅ Pay bills on time to build history.
✅ Pay down existing debts quickly.
✅ Avoid applying for new credit while qualifying.
🚫 Avoid credit-boosting tricks — many lenders don’t like those.
If your credit isn’t great, consider partnering with someone who has good credit to strengthen your loan application.
Tip #4: Find the Right Partner
Partners bring strength to your application.
For example: I partnered with my dad — he had the cash, I had healthcare experience. Together, lenders trusted us more.
Look for people who:
🤝 Complement your skills and credit.
🤝 Share your vision.
🤝 Can help fill gaps in your application.
Tip #5: Build a Relationship with Your Lender
Lenders want to work with people they like and trust.
Here’s how to do that:
📞 Respond quickly to their requests.
📧 Send documents as soon as they ask.
🗣️ Overcommunicate with clear timelines (“I will send this tomorrow,” not “soon”).
🤝 Build rapport by asking how their day is going or small talk.
🎯 Have a clear elevator pitch when you reach out: “I’m looking to buy an assisted living facility for $1 million in [location]. Can you help?”
Next Steps: Take Action Today!
🚀 Ready to qualify for your assisted living loan?
✅ Download the free Business Plan Checklist to start planning
✅ Want coaching and expert help? Join the Assisted Living Investing Mastermind for expert coaching.
Remember, success comes from taking it step by step and being persistent. You’ve got this!
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