Neil Surgenor, a physician loan specialist for TD Bank, on the rise in tailored loans
Buying a home is one of the biggest accomplishments a person can achieve, but it can also be a challenging process to get through. The financial complexities that come with it for physicians, only add to the pressure. But Neil Surgenor (pictured), a physician loan specialist for TD Bank, explained that some lenders offer options to address the unique homebuying needs of doctors.
“TD Bank has positioned itself as a leader in the Medical Professional Mortgage loan space, understanding the unique needs of physicians and dentists,” said Surgenor. He describes the bank’s program as a “one-stop banking institution” for medical professionals.
Surgenor explained that TD’s program is tailored specifically for doctors and dentists, who often face a particular set of financial challenges. From residency to establishing a practice, physicians are burdened with long training periods, high student loans, and limited liquidity early in their careers. TD’s physician loan program is structured to alleviate some of these financial pressures, making it one of the most flexible and robust offerings on the market, according to Surgenor.
“It’s why I’m here. It is my specialty. It’s what I do all day long,” he explained.
The uniqueness of this program lies in its understanding of the nuances of physician employment contracts and income structure. For many young doctors in residency or fellowship, qualifying for a conventional loan can be nearly impossible because they may not have substantial liquid funds for a down payment due to lingering student debt. In addition, traditional lenders calculate student loan debt in the debt-to-income ratio without regard to potential earnings, which may also work against a physician. But TD Bank’s physician loans take a more holistic and flexible approach.
“Significant student loans may not allow for a doctor to save for a down payment,” Surgenor explained. “But our medical professional mortgage loan program takes that into account. Considering medical school loans and earning potential, the program helps address physicians’ pain points by helping applicants qualify for higher loan financing than standard mortgages, lower or no down payments and more flexible underwriting guidelines.”
Surgenor went on to explain that the flexibility opens up opportunities for doctors to qualify for homes with higher price points, giving them access to a broader range of properties, which is a notable benefit in a tight housing market.
One of the most significant aspects of TD’s physician loans is the ability to qualify based on future income projections rather than the physician’s current financial situation. This feature is especially beneficial for young doctors whose salaries will increase dramatically once they complete their training.
“They’re going from making $80,000 a year to $400,000 a year. They’re not super concerned that they’re going to struggle with the payment,” Surgenor said. TD Bank also allows physicians to close on a home up to 90 days before the start date of an employment contract, meaning they can settle into their new home before beginning their job. And this program isn’t just for doctors nearing the end of their training. Even medical students who know where they will be completing their residency can take advantage of it.
“They may be relocating to Connecticut, or New York, or wherever...this allows them to buy a home before they even move to the state,” Surgenor explained. The ability to secure housing in advance of a residency offers immense peace of mind, allowing doctors to focus on their demanding schedules without the added stress of navigating a difficult rental market.
TD’s commitment to physicians goes beyond just offering loans. Surgenor emphasized the importance of providing a boutique service, tailored to the hectic schedules of medical professionals.
“I work with doctors all day, so I am understanding of doctors’ schedules, whether it be nights, 12-hour shifts, or weekends,” he explained. “We can assist them with their questions, concerns, or qualifications to buy a home seven days a week.”
This level of personalized service is crucial for physicians, who often have limited windows of time. The ability to work with someone who understands their unique circumstances and can navigate the complexities of physician loans is invaluable. Surgenor noted that his experience and specialization in this area gives physicians confidence.
“They know that they have a qualified professional that can guide them through this process on a schedule that works for them,” he said.
TD Bank’s physician loan program is not just about helping doctors, dentists and other medical professionals buy homes - it’s about building long-term relationships with these valuable customers throughout the course of their financial journey.
Surgenor pointed out: “These are incredibly busy individuals who are loyal to those that do a good job for them. If you take the time to get to know them and their needs, providing a high level of service, they could become clients for life.”
