PracticeLink Magazine

WINTER 2015

The career development quarterly for physicians of all specialties, PracticeLink Magazine provides readers with feature articles, compensation stats, helpful job search tips—as well as recruitment ads from organizations across the U.S.

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traditional channels, and renting becomes the default option. One company working to provide a way for doctors to get into a home of their own is PhysicianLoans (physi- cianloans.com). Tal Frank, president of Physician- Loans, the specialty division of Tower Mortgage Corporation, says their family business started in 1993 when three disparate things happened near the same time. His mother, then presi- dent of the company, closed a loan for a physician client using a precursor to a true physician loan. At the same time, Frank's younger brother was in medical school while Frank attended Ohio State and also worked for the mortgage company. "One day, my marketing professor said something that just clicked with me: 'Above all else, you must under- stand the power of serving a niche,'" says Frank. "Once we saw how this particular loan went, we then actively pursued special mortgage f nancing that accepted the IBR student loan f nancing." The loans started out at f ve percent of their business and grad- ually grew. Frank says that physician loans now account for more than 95 percent of total revenue. "A true physician loan is a portfolio loan, and there's no secondary market for those—meaning they are not sold back and forth like other mortgages," explains Frank. "Many banks want to get into this space, but they can't do a large volume of portfolio business, because it must sit on their books." Frank says those who use Physi- cianLoans fall into two categories: those who are graduating medical school or residency, and those who have f nished residency and are now practicing. Physicians w it hin t hese t wo groups typically need special f nanc- ing because they don't have cash for down payments and have much more student loan debt than those in other professions. Seth Eisdorfer, M.D., a fellow at University of Colorado Department of Anesthesiology working at Children's Hospital Colorado, is one such doctor. Even though he graduated from Colo- rado College without undergraduate loans, his debt after graduating from the University of Miami Miller School of Medicine totaled about $260,000. At the time of the interview, Eisdorfer had not begun repaying that loan. "My government loans are still in forbearance, but if I were to esti- mate, I'd say the monthly payment would be around $2,200 per month," he says. Once he became an attend- ing physician, Eisdorfer purchased a home, saying it was less of a nail-biting experience than he thought. "I wasn't sure I'd be able to afford a home, but I found out about PhysicianLoans through my wife, who had more time to research what options were avail- able to us." Years ago, a graduate student or resident had only a few options for buying a home: a subprime loan with no money down and higher inter- est rates; a parent as a cosigner; or a parent bought the home and the physi- cian repaid the parent. "Very few options were available because a newly practicing doctor rarely had the down payment stipu- lated in the Fannie Mae and Fred- die Mac guidelines," Frank says, and explains that though special f nancing did exist long ago, he says it was not widely used. A not her phy sicia n who ha s WINTER 2015 PracticeLink.com 55 J oin the largest non-profi t health system in northeast Florida. Baptist Health offers physicians many opportunities to build vibrant and rewarding careers in a growing community located on the Atlantic Coast. We currently have full-time opportunities in the following specialties: Family Medicine; Hospitalist-Internal Medicine; Endocrinology; Behavioral Health; Geriatrics; Hematology/ Oncology; Outpatient Neurology; Neurocritical Care; Neuro-Hospitalists; Orthopaedic Surgery; Otolaryngology; Post-Acute Care; Breast Surgery. As a member of Baptist Health you'll share our commitment to quality patient care, maintain a voice in your practice, have the opportunity to improve work-life balance, and receive a competitive compensation package. Jacksonville, the largest city in area in the continental United States, is a rapidly growing metropolitan city in northeast Florida, with approximately 850,000 residents. Jacksonville is alive with miles of beaches and waterways, a major symphony orchestra, a sports and entertainment complex downtown and a myriad of special events that are hosted each year in Jacksonville, a sports-loving city. If you are interested in learning more, please contact James Tannheimer at 904.202.5029 or email your CV to James.Tannheimer@bmcjax.com. Please Note: We are not currently accepting CVs from any outside agencies Physician Opportunities at Baptist Health in Jacksonville, Florida Continued on page 57 2 0 1 5 AN N UAL Quality of Life issue Closing the gap Continued from page 52

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