TD Bank Closes $3.1MM Term Loan for Long Island Veterinarians

TD Bank’s healthcare practice solutions group closed a $1.85 million term loan to help local Long Island veterinarians Gary Selmonsky and Amanda Maltese acquire Islip Animal Hospital. The loan will allow the veterinarians to expand their operations.

"The work and school from home environment as a result of the pandemic created a major spike in pet care needs and adopting new pets, and this, in turn, has been a boon for veterinarians' businesses," Dan Croft, head of the healthcare practice solutions group at TD Bank, said. "In fact, many veterinary practices' revenue has grown, and practices have retained and sometimes increased their fair market value (FMV). We were pleased to work with doctors Selmonsky and Maltese to help them grow their business and further serve their community's pet care needs."

Maltese began working as an employee for Selmonsky more than a decade ago and attended veterinary school with his encouragement. Upon earning her degree, Maltese was made a partner at East Bay Veterinary Hospital. Now, they are equal partners at Islip Animal Hospital, which uses technologically advanced equipment to provide full-service care for pets including urgent procedures, routine check-ups, ultrasounds and medication. Islip Animal Hospital sees approximately 12,000 patients per year and 30 new patients each month.

"This is my third hospital and I have veterinarians who work with me and do a wonderful job taking care of the patients; however, I'm always challenging myself to find new locations, share my experiences and learn from other people, which is what I will do at Islip Animal Hospital," Selmonsky said. "Working with TD was very convenient; there wasn't a glitch. The team was amiable and bent over backwards to ensure the acquisition of the hospital was a success."

"I've worked with Dr. Selmonsky for more than a decade and it's great to expand our partnership to serve more patients," Maltese said. "It's been a pleasure to work with him and TD Bank to acquire Islip Animal Hospital and I look forward to continuing to collaborate to treat as many pets as possible."