Is
personal credit
important in obtaining
a car wash loan?
Yes,
very important.
Historical payment
of bills is a prime
indicator of future
payments.
Is
100% financing
available for a
purchase?
Technically,
yes. In reality,
no. Lenders want
to see risk capital
from their borrowers.
An exception to
this rule may be
if you (or a relative)
have significant
equity in real
estate, and pledge
that as collateral
for the loan.
How
much should I budget
for a down payment?
Between
10 - 25%. I realize
this is vague,
but there are many
variables that
we must consider.
Is
it critical that
the car wash facility
be historically
profitable?
No.
We are looking
for good loans,
and realize that
good loans come
in different shapes
and sizes. With
a good business
plan, solid financial
commitment, and
a well-traveled
location we may
be able to underwrite
the loan based
on projected profitability.
What
is the turn-around
time from application
to closing?
30 – 60
days. There are
numerous parties
involved in commercial
transactions, and
consequently, they
don’t usually
close as quickly
as residential
loans.
Why
should we use your
firm as a consultant
for our car wash
loan?
There
are three reasons:
1.
I
am a seasoned loan
officer who understands
the hurdles to obtaining
a loan, and how to
effectively deal with
them.
2.
The lenders with whom
I associate are proven
small business professionals
who will treat your
request with a sense
of
urgency.
3. I
cost you nothing. As stated
in the “About
Us” section of
this site, I am paid
by the lender for referring
pre-screened loan
applications
to them. I do not charge
a fee to you.
What
is your minimum
loan size?
My minimum loan size is $500,000.
This
is a partial list of
questions that are
commonly asked about
obtaining financing
for a carwash.