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Gas Stations/Convenience Stores

Nationwide Financing

Loan Profiles

Eligible Property Types:

Branded and unbranded stations welcome. Properties may have an office, car wash, auto repair garage component as well.

Loan Size:

$150,000 - $2,000,000

Eligible Locations:

Nationwide

Loan Term Amortization:

15, 20, 25 Years

Collateral:

First position mortgage as certified by title search and title policy on property. Must have a first security interest under UCC-1 on all business assets of real estate and operating entities.

Loan Pricing:

Determined by pricing matrix.

Debt Service Coverage Ratio:

Minimum DSCR of 1.00x depending upon property type, age, physical condition, location, and competitive market position.

Loan-to-Value Ratio:

Up to 80% of MAI appraised value conforming to FIRREA.

Cash Out Refinance:

Borrower must justify proceeds to be used for business purposes only. Minimum 2 years ownership; maximum LTV 80%.

Loan Escrows:

The borrower may be required to contribute monthly to an escrow account for real estate taxes and property insurance. The borrower may also be required to establish a monthly capital replacement escrow reserve equal to the greater of (a) 5% of gross revenues or (b) an amount to be determined on the basis of an engineering report and site inspection.

Appraisal:

Complete Summary Appraisal required.

Environmental Insurance/Screen or Phase 1:

Required.

Survey:

Updated survey required on all property types.

Reserves at Closing:

The borrower shall establish a remediation/repair reserve at closing equal to 125% of required deferred maintenance repairs as indicated in the environmental and architectural/engineering reports.

Eligible Principals:

U.S. citizens, permanent resident aliens, non-permanent resident aliens (with restrictions); majority principal owners cannot be on probation or parole.

Recourse:

Must be personally guaranteed by all 20% or greater owners of real estate or operating entity.


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