Medical Imaging Equipment Leasing in Canada

Introduction: Imaging is mission-critical—financing shouldn’t slow you down

Whether you’re opening a diagnostics clinic or expanding a hospital department, medical imaging is one of the biggest capital decisions you’ll make. MRI, CT, X-ray, C-arm, ultrasound, and mammography units don’t just cost more than typical equipment—they also come with site prep, shielding, rigging, OEM software keys, and service contracts that can push the total project cost well beyond the sticker price.

As a Canadian lender–seller, Mehmi Financial Group helps healthcare operators lease or purchase medical imaging assets with structures designed for clinical realities: staged vendor payments, installation/acceptance milestones, longer amortizations, and options for refurbished equipment. We also source select refurbished assets through our network and can sell directly when inventory is available—pairing the purchase with in-house financing. If you’re assessing options, feel free to contact our credit analysts for tailored guidance.

Table of contents

• The private-lender route vs. banks: when and why
• What medical imaging assets can be financed
• Common lease structures (and how they hit cash flow)
• Underwriting criteria private lenders actually use
• How to structure a deal (down payment, terms, security)
• Refurbished & imported systems: what lenders expect
• Total cost of ownership: service, de-install, rigging, PACS
• A realistic approval checklist (credit-analyst view)
• Case study: multi-modality clinic expansion
• FAQs

The private-lender route vs. banks: when and why

Traditional banks can be competitive on rate but often require long lead times, heavy documentation, and stricter covenants. Private and non-bank lenders focus on asset quality, cash flow, and exit value—allowing faster approvals, milestone funding, and flexibility for clinics with thin-file financials, growth transitions, or recent credit blips.

You may want to consider private lenders when:

• You need staged progress payments (factory deposit → shipment → installation → acceptance).
• You’re acquiring refurbished or off-lease systems where banks hesitate.
• The borrower is a new PC/medical corp with strong guarantors but limited operating history.
• You need longer amortization (60–84 months) to match reimbursement timelines.
• You’re executing a sale-leaseback to unlock capital tied up in owned equipment.

Explore baseline options here: Financing & Leasing • Refinancing & Sale-Leaseback • Line of Credit & Working Capital.

What medical imaging assets can be financed

• MRI (1.5T/3T), CT (16–128+ slice)
• Digital radiography (DR), fluoroscopy, C-arms
• Ultrasound (cart-based, premium point-of-care)
• Mammography (2D/3D tomosynthesis)
• PACS/VNA, workstations, dose management software
• Power conditioners, chiller systems, RF shielding, lead shielding
• De-install/rigging and room build-out (often wrapped into the same lease)

Private lenders will typically include “soft costs” (e.g., IT integration, training, OEM keys) in the financed amount so your cash isn’t tied up while you wait for first patient revenue.

Lease structures that fit healthcare cash flow

Below are the most common structures we see in Canada, with practical implications.

Not sure which suits your clinic? Run scenarios with our payment calculator and feel free to contact our credit analysts to map cost vs. reimbursement timing.

What private lenders actually underwrite (beyond the credit score)

1) Asset & vendor: Make/model, year, coil/channel count (MRI), slice count (CT), detector type (DR), OEM support status, parts availability, and the vendor’s install/service track record.

2) Clinical demand: Modality mix vs. referral base; utilization assumptions supported by prior volumes or signed contracts. New sites should evidence referral letters or growth plans.

3) Financials: 6–24 months of bank statements and financials (PC or clinic), plus guarantor NOAs where needed. Emphasis on cash-flow coverage rather than pure net income.

4) Project plan: De-install/rigging timeline, site readiness (shielding, power, HVAC), PACS integration, acceptance testing criteria, and insurance in place prior to delivery.

5) Exit value: Secondary market value and remarketing liquidity—especially for refurbished assets. That’s why lender comfort is often higher on mainstream models from major OEMs.

When files are thin or time-sensitive, alternative working capital can bridge gaps: Invoice Factoring or a revolving Equipment Line of Credit.

How to structure terms that get approved (and stay comfortable)

• Term length: 36–84 months. Higher-ticket MRI/CT often at 60–84 months to align with revenue and service life.
• Down payment/security: 0–20% depending on credit tier; first/last payments in advance are common. Cross-collateral on existing equipment may improve pricing.
• Personal guarantees: Standard for PCs and private clinics; strength of guarantor compensates for short operating history.
• Milestones: Deposit, shipment, delivery, installation, acceptance certificate. Payments to vendor align with OEM/service partner invoices.
• Step-up payments: Lower payments during build-out; step to full amortization after acceptance.
• Covenants: Keep them practical—insurance, maintenance, no senior liens without consent.
• Refi option: If your profile improves after 12–18 months, a rate/term refinance can reduce payments or free cash. See Refinancing & Sale-Leaseback.

Financing refurbished & imported systems: lender expectations

Refurbished imaging can deliver 25–50% savings with little compromise if quality is verified. Private lenders will typically ask for:

• Refurb certificate detailing parts replaced, tube hours (CT), helium history/quench events (MRI), and OEM or ISO-certified service coverage.
• Health Canada & CSA compliance and proof that software licenses/keys are transferrable.
• Independent appraisal or inspection for higher-ticket deals.
• Shipping & rigging plan (crating, carrier, insurance, bonded warehousing for imports).
• Escrow/holdback until site acceptance testing (SAT) is signed.

If you’re weighing new vs. refurbished, our analysts can price both in parallel so you can compare lifetime cost and residual risk.

Total project cost: don’t miss the “invisible” line items

Budget beyond the gantry:

• Room build-out: RF/lead shielding, structural work, electrical, HVAC/chiller, quench pipe (MRI).
• Integration: DICOM, PACS/VNA, dose monitoring, reporting software, cyber security hardening.
• De-install/rigging: Old system removal, pathway protection, crane/floor loading.
• Service contract: Full service vs. parts-and-labour; uptime SLAs (e.g., 97–99%).
• Compliance & safety: Radiation safety approvals, physicist testing, emergency procedures.
• Contingency (5–10%): For surprises during install.

Most private lenders will wrap eligible soft costs into the same facility, so you preserve cash for staff, marketing, and ramp-up. If there’s a temporary gap, consider short-term working capital via Line of Credit & Working Capital.

A realistic approval checklist (from a credit analyst)

• Application package: Corporate docs (PC), IDs, void cheque, vendor quote(s).
• Financials: Last 2 years business financials if available, YTD interims, 6–12 months bank statements; guarantor NOAs/T1s if required.
• Project file: Gantt-style timeline from order to SAT; site drawings; shielding/electrical spec; vendor SOW.
• Insurance binder: Property, liability, and business interruption naming lender as loss payee.
• Service agreement: Coverage level, response time, parts logistics.
• Exit/backup plan: If volumes lag, how will you stay current? (e.g., factoring on payor invoices via Invoice Factoring).

Want a second set of eyes before you sign? Feel free to contact our credit analysts—we’re happy to review your file and flag any approval friction before it hits underwriting.

Case study: two-room upgrade without cash strain (Ontario)

A private diagnostics clinic planned to replace a legacy 16-slice CT and analog X-ray with a 64-slice CT and DR room. Total project—including de-install, shielding refresh, PACS upgrades, and rigging—was $1.48M.

Challenges: Tight timeline to keep capacity, limited cash due to prior expansion, and need for milestone payments (OEM deposit, overseas shipping, install, SAT).

Structure we arranged:

• Progress-funding FMV lease (72 months) with step-up payments (interest-only during construction; full amortization after SAT).
• Milestone disbursements directly to OEM, riggers, and contractors; 10% holdback released at SAT.
• Refurb DR vendor approved with extended parts warranty; service contracts bundled.
• Working capital top-up for staffing/marketing via a small revolving facility against receivables.

Outcome: Go-live on schedule, manageable payments matched to expected study volumes, and an option to refinance to a lower rate after 18 months of clean performance.

When Mehmi acts as the seller and financier

Because we both sell select commercial assets and finance equipment, you avoid the multi-party back-and-forth that slows projects. When we have suitable refurbished units available, we can provide a single, integrated quote: system, installation partners, service plan, and financing—all aligned to your acceptance date. Looking to compare structures on a unit you’ve found elsewhere? We’ll underwrite the financing and coordinate milestone payments to your chosen vendor.

Start exploring structures now:

• Financing & Leasing
• Refinancing & Sale-Leaseback
• Invoice Factoring
• Line of Credit & Working Capital
• Calculator

Frequently asked questions

What terms do private lenders offer for MRI/CT leases in Canada?
Typical terms range 36–84 months. Higher ticket/longer-life assets (MRI/CT) often run 60–84 months to keep payments in a clinically comfortable range.

Can I finance soft costs like shielding, rigging, and PACS?
Yes—most private lenders (including Mehmi) will wrap eligible soft costs into the same facility so your project is cash-flow friendly from day one.

Are refurbished systems harder to finance?
They’re financeable with the right documentation: refurb certificates, service coverage, compliance proof, and acceptance criteria. Expect inspections or appraisals on larger tickets.

What down payment will I need?
Files with stronger credit and guarantors can be 0–10% down; others may see 10–20% or first/last payments in advance. Sale-leaseback on owned assets can offset cash needs.

How fast can I get approved?
With a complete package and a mainstream modality, private lenders can issue same-week approvals and stage funding on milestones. For an estimate on payments, try our calculator.

Can a new professional corporation get approved?
Yes—if guarantors are strong and the referral/revenue plan is credible. We often pair start-ups with step-payments and milestone funding to reduce ramp-up strain.

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Final thoughts (and a practical next step)

Medical imaging financing isn’t just about buying the box—it’s about structuring the whole project so cash flow, clinical uptime, and compliance move in lockstep. Private lenders exist for exactly this kind of complexity, and when your financier can also act as seller, timelines and accountability improve dramatically.

If you’d like a no-pressure comparison of FMV vs. capital lease vs. sale-leaseback on your specific modality, feel free to contact our credit analysts. You can also sanity-check payments in minutes with our calculator or start a conversation here: Contact Us.