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Gas Station LoansGas station loans are one of the harder transactions to complete for a couple of reasons. Limited pool of interested lenders, environmental issues and the single use nature of the properties. In addition, due to the cash component, many borrowers simply do not show all income and struggle with documenting necessary cash flow to qualify for gas station loans. In general, borrowers have a couple of options, SBA 7a loans, portifollio lenders and a few sources for conventional gas station loans.
Gas Station LoanBenefits of the SBA programs are numerous and include the highest level of financing in the business. 85% loan to value is common on purchases. 80% on refinances is acceptable with cash out for business purposes as well. Also with the 5 year fixed SBA 7a loan the borrower is allowed to use projection for business income which can be the difference between a closed loan and a dead one.
Gas Station FinancingPortfolio lenders can have much more creativity. For example we work with a gas station lender that with go to 80% financing of the combined value of the real estate, equipment AND business value. So the loan could actual exceed the value of the real estate... Rate and amortization is fixed for twenty years as well.
Conventional sources maybe your worst options as they will have the most conservative options. They'll ask for 60% loan to value and typically offer a 5 year fixed, 20 year amortized loan.
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