Gas Station Loan
|Posted by: -JL- Aug 24 2004, 07:12 PM
|Does anyone have recommendations for lenders that do gas Station loans in Northern California?
I am a Residential Loan Officer starting to get into commercial loans.
I have a borrower that needs up to $600k cash-out to build a new car wash on his existing gas station. The gas station is valued at over $3mil, including land and improvements. Currently there is a $900k first loan, so the LTV/CLTV would be approx 50%. Borrower is open to either refinancing existing 1st to a new first for $1.5mil, or getting a 2nd for the $600k cash-out.
Any guidance would be greatly appreciated.
|Posted by: loanuniverse Aug 24 2004, 07:33 PM
I don’t recommend lenders, but I am sure one of the non-bank lenders that frequents the site will introduce himself.
The low loan-to-value sounds attractive, as long as the cash flow is there, the loan should be doable.
Have you tried contacting commercial banks? I don’t know how the commission aspect of the transaction will work for you with a commercial bank, but some might be interested.
|Posted by: Guest_Loan101 Aug 26 2004, 08:39 AM
|Hi. I’m looking into the matter. I have many connections with lenders and such in California, so I will let you know if there is something I can do. This will requier a fee, but we’ll talk about that.
|Posted by: Rick Aug 26 2004, 02:18 PM
|Check with your local/state government business development agency. They should have a listing of lenders who will finance service stations or better yet, they may offer a small business lending program that you can access …. and they won’t charge you a fee for their ‘search’.