Financing option, self-serve in SC

[CaptnBuck]

Last year I purchased what was advertised as a turn-key car wash in Upstate SC. It's in a good location and the revenue numbers provided were inline with what they should be for the average self-serve car wash (according to national data). Long story short, I ended up buying it with an owner-financed mortgage which is absolutely not what I had intended. I did not negotiate the best deal for myself, but the numbers still worked. However, the revenue were overinflated and the expenses were underreported so I was underwater from the start. And while I overestimated how easily I'd be able to secure financing, I've had to spend most of the last year keeping it running and quickly ran out resources, both financial and mental. Now I have the balloon payment coming due in October and very little time left to find a loan.

What financing options are there to get a loan for a commercial property like a car wash? I only need $135k to pay off the balloon payment and all of the lenders that specialize in car washes, or advertise todo so, don't lend for that small of an amount. I tried to get connected with the small business development center in my area to pursue an sba loan, but somehow that didn't materialize. I need to reach out to them again and start over. But what have others used to finance a car wash?

Thanks!
Patrick

 

[kentadel]

Try talking with your local chamber of commerce. They may have a program for businesses or have a helpful idea.

 

[CaptnBuck]

Try talking with your local chamber of commerce. They may have a program for businesses or have a helpful idea.

That's a good idea. I'll do that for sure!

 

[Car_Wash_Guy]

Reach out to Bill Baker Coast Commercial Credit.

 

[CaptnBuck]

Reach out to Bill Baker Coast Commercial Credit.

I can't get the website to open today. I'll try again later or call them Monday. Thanks.

 

[Jason727]

Last year I purchased what was advertised as a turn-key car wash in Upstate SC. It's in a good location and the revenue numbers provided were inline with what they should be for the average self-serve car wash (according to national data). Long story short, I ended up buying it with an owner-financed mortgage which is absolutely not what I had intended. I did not negotiate the best deal for myself, but the numbers still worked. However, the revenue were overinflated and the expenses were underreported so I was underwater from the start. And while I overestimated how easily I'd be able to secure financing, I've had to spend most of the last year keeping it running and quickly ran out resources, both financial and mental. Now I have the balloon payment coming due in October and very little time left to find a loan.

What financing options are there to get a loan for a commercial property like a car wash? I only need $135k to pay off the balloon payment and all of the lenders that specialize in car washes, or advertise todo so, don't lend for that small of an amount. I tried to get connected with the small business development center in my area to pursue an sba loan, but somehow that didn't materialize. I need to reach out to them again and start over. But what have others used to finance a car wash?

Thanks!
Patrick

You might consider hiring an attorney. Seems to me the previous owner committed some sort of fraud by providing fraudulent income and expenses.
If the previous owner did the financing, why don't you give him a call and tell him he can have can have it back since he lied about the numbers?