Avatar's Blog
» truck Stops, Gas Stations and Auto Shops
Gas Stations, truck stops, and auto service stations can be difficult to obtain loans for purchase or refinnacing. Conventional lenders won't touch them and many hard money or commercial bridge lenders also shy away from the liabilities.
Some tips for getting funding for these properties. Since only a few lenders will fund such projects, be clear about your property type in the initial communciation. Save time and effort by knowing immediately whether you are speaking with the right lender.
Clean the place up. A messy, dirty looking place photographs badly and even those lenders who will fund such properties will back away from the loan if it looks like the owner is not a careful housekeeper.
Make sure the books are in order. When things are dicey to begin with, you need all your paperwork to be squeaky clean. Show clear indications of the sources of income - show all of it! Indicate the expenses by type and show a reasonable net profit to prove that you are able to make the loan payments.
