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Car Wash Loans
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Car wash loans are one of the harder transactions to put together, due to the single use nature of the property. Many lenders simple do not like this category and will not lend on it. Borrowers have essential two options to complete their car wash loan - conventional or SBA options.
Conventional Car Wash LoansConventional financing for car washes typically consist of a 5 year fixed rate with 20 to 25 year amortization schedules. Loan to values on purchases hover at approximately 65% and 55% on refinances. Most conventional sources are very conservative with debt coverage ratios and like to see a minimum of 1.3 to 1.4 compared to an a 1.2 for most building types. SBA loans for Car WashesSBA loans can be one of the best ways to finance car washes. First of all, borrowers can put down as little as 15% (85% loan to value) compared to conventional financing at 40% down. Debt coverage ratios are less convervative as well, at as low as 1.1.
Many owners are unaware that they can use SBA loans to refinance their car wash. Loan to values can go as high as 85% when the SBA program is included. Fixed rates on the SBA 7a loan are 5 years with amortization schedules of 25 years. 504 programs boasts rates fixed for as long as 10 years.
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