How to get a gas station loan for less than $250,000 loan value
If you need a gas station loan to refinance or to purchase a gas station or convenience store, it can be a difficult process.
We know there is a huge problem in obtaining financing for a gas station loan or convenience store loan, especially for a loan less than $250,000 and for gas stations that do not include real estate.
How do you get a gas station loan for less than the $250,000 most lenders are requiring?
We recently were able to obtain SBA funding for a $150,000 gas station purchase that did not include real estate.
A business broker referred an interested buyer to us. He had a buyer for a gas station business listed at $150,000. Many lenders turned down the deal. No less than 5 lenders said it did not fit the minimum funding guidelines. They would not fund it for less than $250,000 and a couple of those had a minimum of $300,000 that required real estate. The buyer and seller did have docs in good order. We secured pre-approval within 24 hours. We had an offer from an SBA Approved Lender: terms: 10% down, at 2.75% over prime, 10 year, <4% closing costs, for the full $150,000. Final approval took 2 weeks after all docs. Closed in 3 weeks after all docs received.
An item to note is, there was no real estate in the purchase. If real estate were included, we likely would’ve had a 25 yr term SBA Loan-lowering the monthly payments
We developed Foresight Business Funding because we found many businesses do not fit the guidelines or template for banks and traditional business loan companies. If you aren’t getting advice or you are struggling to get the type of business loan you need, give us a try.
Our gas station loan minimum is $100,000. we can underwrite the loan, even if the gas station business does not own the real estate. We do not have a maximum loan amount, but the SBA loan maximum is $5 million.
We generally try to get SBA Approved Lender financing because-SBA rates and terms will generally be the best you can get. When SBA Financing does not work, we have other options available, such as term loans and working capital loans.
So, if you are trying to finance a gas station for less than $250,000 or purchase a gas station without the real estate as part of the deal, give us a call, we can get you a business loan and get it closed in a reasonable amount of time. This assumes financials are in good order and you have decent credit. If there are issues with your credit score and financials, we likely get you financed, but it may not be initially at rates you won’t want to write home about.
How do we get deals done when others don’t?
We have a very large network of financing partners. This helps us get deals done quicker and for good terms.
Working through our partner firms, we have a large variety of financing options including creative down payment assistance, working capital loans (most financing firms don’t know how to do this).
With 1000+ lenders, we can approach situations with strategies and lending products that most firms may not consider. Traditional lenders, hard money lenders, revenue lenders, and no credit check credit lines FinTech lenders. We even have lenders that will lend on specialty assets (securities accounts/art/jewelry).