Car Wash Forum
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Loans and Refinancing??
- Thread starter dogwasher
- Start date
I have recently been approved for a couple of carwash loans. One was back in Aug/Sept, it is fixed for 5 years at 6% and a 20 year amortization. This was for land/building/equipment.
We have recently beened approved for an equipment only loan at a different location. It is 5% for 5 years. Both of these are 80% LTV loans.
Both of these loans were through traditonal bank financing.
G
We have recently beened approved for an equipment only loan at a different location. It is 5% for 5 years. Both of these are 80% LTV loans.
Both of these loans were through traditonal bank financing.
G
Earl Weiss
Well-known member
Back in Oct when prime was about 5 I was trying to refi. Wanted a secured line of credit . First Bank said no, second said yes . Came thru at prime + 2. Then prime went down. with a line, I can pay it down, and have some ready access to $ if I need it. Interest is paid only on outstanding balance, but I make regular monthly payments t retire principal so if prime goes up minimum payment will be low and I will have greater access to funds.
Waxman
Super Moderator
I had extended my SBA portion of my carwash loan when I built my new detail shop. The SBA rate is set when the debenture is sold at closing. When I built the carwash it was at 6.73%. I checked this winter because the SBA was ready to close (my new detail shop was complete). The rate was up over 7.5%! My lawyer said wait a bit to close. He had doc's to prepare anyway in order to close.
Yesterday I got the call; the rate had set. 4.31%. Today is a very good day.
Yesterday I got the call; the rate had set. 4.31%. Today is a very good day.
