We finance car washes (and related mini-storage units) on a conventional basis from time-to-time.
Conventional loans have about the same terms as SBA-guaranteed loans, except:
1.) conventional loans usually have a shorter amortization
schedule (usually no more than 15 years, instead of 20 to 25 years),
2.) conventional loans usually have a balloon, or short maturity, at the end of the third or fifth year, where there are no balloons with SBA-guaranteed loans.
Conventional loans are appropriate when an applicant is not eligible
for a SBA-guaranteed loan. Conditions that might make someone
ineligible for getting a SBA-guaranteed loan include:
entire SBA guarantee for the applicant is already in use on a
previous loan (or loans),
2.) loan being applied for is too high to make practical use of the maximum SBA guarantee,
3.) too much personal cash (would have to be in the millions),
4.) existing car wash business revenue too high,
5.) affiliated business revenue too high,
6.) applicant is not a U.S.A. citizen or not a legal permanent resident, and
7.) recent serious criminal history.
Almost all people and businesses are eligible for a SBA-guaranteed
If you need a conventional loan to buy, build, or refinance a car
wash we can arrange that for you.