L.A. stories of inspiration and success

L.A. stories of inspiration and success

Dr. Ryan Osborne, owner of the Osborne Head and Neck Institute (OHNI)
The Hollywood BusinessSource Center (BSC) recently helped Dr. Ryan Osborne refinance a loan that allowed him to maintain office space and move toward constructing a new location for his business, the Osborne Head and Neck Institute (OHNI).

Dr. Osborne was born in South Los Angeles and raised by a single mother. By attending school by day and working at night, his mother graduated from Cal State LA to become a physician’s assistant. Inspired by his mother, Dr. Osborne excelled in school and went on to pursue an undergraduate degree at the University of California, Berkeley and then went on to UCLA for Medical School.

After completing his medical degree, Dr. Osborne completed his internship, residency and fellowship at Los Angeles area hospitals.

In 2003, he started the Osborne Head and Neck Institute (OHNI), which provides comprehensive medical and surgical care for patients with head and neck medical conditions. His multicultural staff is comprised of Native Angelenos who speak six languages to accommodate the institute’s international clientele.

Dr. Osborne and OHNI were featured in the first episode of season 6 of the popular show Dr. Pimple Popper, where his team performed a procedure to remove several large tumors from a man’s nose, allowing him to breathe normally and greatly improve his quality of life. The surgery has been viewed nearly 7.2 million times on YouTube.

From 2003 to 2021, OHNI rented office space at the Cedars-Sinai Medical Towers. In 2018, in an effort to control overhead and allow for continued development and growth, OHNI decided to purchase a building that could house the institute. A construction loan was being finalized for the project in March 2020, when it was halted due to COVID-19. Thus, Dr. Osborne obtained a one-year construction loan that would not defer interest payments until construction was completed.

Due to COVID-19, building and construction permits were delayed until August 2021, creating a situation in which Dr. Osborne had to pay rent for medical office space while simultaneously paying interest on a multi-million dollar construction and real estate loan for a building that was not yet ready to be occupied.

Dr. Osborne was referred to the Hollywood BSC for assistance. After conducting a needs assessment, it was determined that the only solution was to refinance the loan. The Hollywood BSC also helped Dr. Osborne obtain a revolving line of credit to offset interest payments until construction was complete, at which time the line of credit would be added into the long-term loan. This method helped reduce Dr. Osborne’s financial burden by more than 60 percent during construction. Once completed, OHNI will be able to move into the new office building, cease paying rent and consolidate the debt into a long-term loan.

The bank agreed to the terms on the line of credit until construction could be completed, freeing up cash flow that allowed Dr. Osborne to continue to operate a thriving practice.

However, due to COVID-19, construction materials rose more than 60 percent, which required Dr. Osborne to obtain additional funds to complete the construction. The Hollywood BSC continued to work with Dr. Osborne and helped him find an additional $1.1M to complete construction on the new building.

The Osborne Head and Neck Institute (OHNI) is located in LA City Council District 5.

EWDD’s BusinessSource and WorkSource Centers offer a variety of Business Services, including several Financial Programs and Development Incentives for businesses of all sizes. Learn how EWDD can help.

This story is part of the EWDD UPDATES from the week of March 28, 2022. Read this issue and more.

go to the page top