Car Wash Loans
Car WasHEs Keep our Cars Clean, And We Help Them Grow With Acquisition Loans, Refinancing Options, and More
Car washes keep our cars looking nice and shiny-- but they're also an important part of the U.S. economy, estimated by some experts to be a $10 billion a year business. In order to keep the car wash industry strong, car wash owners need need financing in order to grow. So, no matter whether you're looking for a $500,000 loan to open a small car wash, or $2 million to open a large, full-service car wash, Commercial Real Estate Loans, Inc. is here to help.
CAr Wash Loan Terms
In general, our cash wash loan terms include:
- Loan Size: $500,000+
- Loan Purpose: Loan can be used for property acquisition or refinancing, but cannot be used for business only-financing
- Loan Term: 3, 5, 10 and 15 fixed-rate terms
- Amortization: 15, 20, 25 and 30 year options
- Leverage: 80% LTV allowance (subordinate debt allowed)
- DSCR: 1.20 minimum DSCR
- Credit Score Requirement: 660 minimum
SBA Loans For CAR WASHES
For some car wash owners, the SBA 7a and SBA 504 loan programs could be the best option out there to finance their business. SBA loans aren't strictly limited to funding the purchase of property; instead, they can also be used to purchase equipment and fund working capital for car wash businesses. However, SBA loans often have much stricter requirements than other kinds of financing, including higher credit score and lower debt requirements for borrowers.
GET A Free Car Wash PROPERTY LOAN QUOTE Today
For car wash loans from just $500,000 and up, click the button below and fill out a short, secure form for a fast, easy, and free commercial loan quote from a commercial mortgage banker. You may also email us any time at email@example.com.