New SBA Programs: Gas Station - Convenience Store - Car Wash Financing
As Of February 1st, 2010, A New SBA Program Is Available For The Financing Of Gas Stations, C-Stores And Car Washes. Deals From These Industries Are Now Being Accepted And Under-Written To The Guidelines Set Forth Below. Please Review These Guidelines.
- Only Licensed, Franchised Or Nationally Recognized Brands Will Be Considered. Independent Brands Will Not Be Considered.
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For Existing Gas Station/C-Stores and Car Washes:
- Maximum LTV or LTC shall not exceed 75% of the subject property
- The borrowers must provide no less than 20% of the total purchase price in the form of cash. Seller-Carry-Back financing or oil company/jobber financing shall be allowed though it may not replace the 20% cash injection requirement of the borrower
- The subject business must have proven historical debt service for its existing and proposed debt -
For Start-Up Gas Station/C-Stores and Car Washes:
- Maximum LTV or LTC shall not exceed 70% of the subject property
- The borrowers must provide no less than 25% of the total purchase price in the form of cash. Seller-Carry-Back financing or oil company/jobber financing shall be allowed though it may not replace the 25% cash injection requirement of the borrower
- A feasibility study on the subject site shall be required prior to loan approval
- The borrower must possess industry specific management experience -
Appraisal Requirements:
- The appraisal report must include the contributory value of the real estate and the FF&E in addition to the going concern value
- The contributory value of the real estate must be greater than, or equal to the loan amount -
Loan Sizes $500k to $2.0 Million
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Midwest and West Coast Only
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Up To 25 Year Amortizations
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