Conventional Financing

Types of Financing

  • Acquisition  / Purchase 
  • Construction 
  • Expansion 
  • Refinance 
  • Start-Up 

Loan Amounts:        $500,000-$10,000,000

Terms:                     5,7, 10 Year Terms (Real Estate ONLY)

Interest Rate:         Fixed / Floating

Rates are currently between 6.25% - 7.5%. Floating indexed to a spread of 4.00% - 5.00% over U.S. Treasuries, or Floating indexed to a Spread of 3.5% - 5.00% over 1 Month LIBOR.

Amortization:         15,20, 25 years

Loan To Value:       50 - 70% (No goodwill included usually)

Prepay Penalties:   1st Year 5%, 2nd Year 3%, 3rd Year 1%

Fees:

  • Origination usually 1.0 - 1.5 Points 
  • Due Diligence Deposit 
  • Customary closing costs 
  • Construction fee, if applicable, to offset monitoring costs 

Eligibility:

  • Owner occupied / investment properties 
  • US Citizen or permanent resident alien status 
  • Good credit/character 
  • Direct Management experience 
  • Reasonable financial statement or credible projections 
  • Depository relationship may be required 

Collateral:  First lien on land, building, equipment and inventory Additional outside collateral is necessary if lease-hold improvements are substantial.

Conventional financing is very popular with business owners due to general lower origination costs and generally slightly lower interest rates than SBA or other government guaranteed financing. Conventional financing however is typically more difficult to qualify for due to shorter amortization periods and higher debt service coverage looked for by lenders.  Lenders may also be looking for a depository relationship which may or may not be desirable to a borrower.

To prequalify for financing, download the following forms and provide the following information and fax to (202)478-1811 or email to info@autorepairshoploans.com:

 

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car repair shop loans 

 

 

 

 

 

 

 

 

 

 

NEW 5.35%
FIXED RATE
FINANCING

For more Info
info@autorepairshoploans .com
 


gas station funding

Click Image To View A Short Video On How To Pre-Qualify For Financing

I don’t have time to read all of this! I just want to apply for a loan! Please click here.

Read here the most Frequently Asked Questions  about obtaining financing

Find out why auto repair shop appraisals are different than other commercial properties from Joe Anderson at
 Petroval


I prefer conventional financing. How can I qualify? Listen here:







 (202) 478-0230 V 
(202) 478-1811 F