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The Commercial Capital Gazette
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Published By 1st Coastal Commercial Capital

The primary financing program that I offer is the SBA 7(a) program. This is a program whereby the lending institution makes a direct loan against the car wash facility, and the government guarantees a portion of that loan. This government guaranty allows the lender to assume more risk than they would in a conventional loan scenario. This program is widely utilized in the small business community, funding approximately $16 billion per year in commercial loans.

Typical Rate
Prime + 2.75 is a common rate for this program, and is the rate you can expect me to quote. The rate is floating, and adjusts quarterly (if Prime changes).

Typical Equity Injection
0% for a refinance, 25% for an acquisition, and 30% for a start-up.

Subordinate Financing
Seller-held second mortgages are allowed, as long as the applicant is injecting at least 15% cash.

Loan Term
The term will typically be twenty-five years. It is a fully-amortizing loan (i.e. no balloon payment).

This fee is charged in lieu of an origination fee, and is paid directly to the U.S. Small Business Administration. (The lender is not permitted to charge an origination fee under this program.) This fee is effectively 2.7% of the loan amount, and can be included in the loan proceeds.

Maximum Loan Amount
$5 MM

After an initial interview, you and I will decide if the transaction is viable (from a lending institutions perspective). Assuming we decide to proceed, the following items will be needed in order to pre-qualify your car wash loan. We have tried to make this list as streamlined as possible.

1. List of project costs. If the project is a purchase, please include the sales contract. If the project involves construction, please provide a detailed cost breakdown from your contractor.

2. Complete personal tax returns for three years with W-2s

3. Complete tax returns for three years on the car wash that you own or are purchasing

4. Year-to-date profit and loss statement (current within 60 days)

5. A copy of your credit report with score. The lender will eventually pull their own copy, but by supplying your own copy the number of inquiries listed on your report will be minimized.

6. Personal Financial Statement. This form can be obtained by going to http://sba.gov/sbaforms/sba413.pdf.

7. Photos of car wash (or the proposed site)

8. Resume

Please help us (and yourself) by thoroughly complying with this list.
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