Car Wash Loans

Though beat up, car wash loans and

lenders are still out there, despite the credit crisis.

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.

Car Wash Loans Conventional

Conventional 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.

Car Wash Loans, SBA Options

SBA 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.

Whether your considering purchasing or refinancing a car wash we have the expertise and experience to secure the best financing for you. Get meaningful answers by filling out out mini commercial loan application.

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Commercial Finance Advisors, Inc.

261 E Maple Rd
Birmingham, Michigan 48009