Convenience Store Financing Options
Convenience store loans typically start at $500,000 with terms up to 15 years and amortizations up to 30 years, while SBA financing starts at just $30,000 and has terms and amortizations up to 25 years.
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Convenience stores are an incredibly important part of the American economy, producing a staggering $233 billion of in-store sales in 2016 alone. Right now, there are over 150,000 convenience stores in the United States, and that number is likely to increase in the next few years as the U.S. population continues to grow. Whatever your convenience store financing needs are, Commercial Real Estate Loans is ready and waiting to help. We provide convenience store financing for:
Standalone convenience stores
Drive-up/drive through stores
Individual or franchise stores
Convenience stores with limited food service
Investor-owned or owner-occupied stores
Convenience Store Loan Terms
In general, our convenience store 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-year fixed-rate terms
Amortization: 15, 20, 25 and 30-year options
Leverage: 80% LTV allowance (subordinate debt allowed)
DSCR: 1.40 minimum DSCR
Credit Score Requirement: 660 minimum
SBA Loans for Convenience Stores
While privately-insured loans have their place, the SBA 7(a) and SBA 504 loan programs are also incredibly effective ways to acquire or refinance a convenience store property. With SBA loans, convenience store owners can purchase property, but they can also purchase equipment or fund working capital for convenience stores. That makes these loans significantly more versatile for business owners who need more than just property to jumpstart their business growth. While SBA financing has a lot of benefits, it also much more stringent requirements than many other types of loans, including increased credit score requirements.
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