Gas Station Financing:

approvedyouThere are challenges for gas station financing to meet the individual needs and requirements of its clients.

Gas Station Financing – Eligible Property Types from General Lender Terminology.

  • Properties eligible for gas station / commercial real estate loan program should be of above average condition, environmentally compliant and located in medium and above market sectors.
  • Loans must be secured by Real Estate – No Business Only Financing.
  • Brand or Non-Branded can be OK, but it depends on overall picture.
  • Owner Operated or Investor
  • Gas with Convenience Store is OK
  • Some lenders allow for Full-Service Stations
  • Established Businesses Only – No Start Ups, As startups are up for construction financing.

Gas Station Commercial Loans – Program Highlights

(This Varies as per Mortgage Market conditions – please keep in mind the topics as follows)

  • Minimum Gas Station Commercial Loan Size depends on lenders
  • 15, 20, 25, & 30 Year Amortizations depends on Lenders
  • Fixed and Variable Rate Options
  • LTVs Range Between 55% – 75%
  • Flexible Prepay Options can be asked
  • All Lenders – Requires Full Documents
  • Minimum 620 Credit Score? Or more/less ok?
  • 2 Year Seasoning for Refinances?
  • Full Recourse Guarantee Required?
  • Initial Gas Station Mortgage Application Documentation Requirements including Mortgage Application, Credit Verifications, Brokerage Agreement, Commission Agreement and so on.

To consider a request for financing Lenders may requires the following documentation:

  • 3 Years Business and Personal Tax Returns of the sellers and Buyers and their Incorporations
  • Personal Financial Statement Dated Within the Past 180 Days
  • Business Interim Financial Statements
  • Supplier Agreement
  • Franchise Agreement if Applicable
  • Environmental Assessment Phase 1/Phase 2 Report – is Must
  • Statement Addressing Negative Items on Credit Report if Applicable
  • Purchase Agreement if Applicable
  • Borrower’s Credit Report – Lenders will pull credit prior to approval/at as part of application as well.

(Borrowers may pull their own credit report and submit with loan application package. Report must show all three bureau scores. As reference)

Documents are not Limited to just above it can be depends on the entire deal, deal and deal.

Disclaimer: This is GENERAL guideline, as best of our knowledge. Actual lending procedure can be all different for all individual cases by cases. We are not responsible if any loss/damage. This is use at your own risk guide. There are lots of Private mortgage possibilities out there, so please be vigilant on the topics as above for your future financial well-being

Good-luck for Your Mortgage/ Loan hunting for your Business..

You can apply for Mortgage here as well

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