What's new
By:
Car Wash Forum

This is a sample guest message. Register a free account today to become a member! Once signed in, you'll be able to participate on this site by adding your own topics and posts, as well as connect with other members through your own private inbox!

Wash Financing

C

cincycarwash

New member
Anyone have any lenders they like, and that deal with car washes? Have a struggle with some local ones that don’t understand the business and push back on weird things.
 
I'm currently speaking with a handful of equipment finance people and local lenders. Would love to know who you end up working with. Ascentium is one and since you own several washes they would work with you. as a new operator, they won't work with me. Hard money rates so not ideal for cash flow. Another one, I'll have to find the name, is 100% finance on equipment and 80% for land. 7 year term (waiting to see if the land is amortized longer) 7.5-8.9%. 1 page loan app and financed in 1-2 weeks. Again, with the short term, the payments are pretty high and cash flow is tight so not my favorite option.
 
I have heard of a few recent deals where owner finances the deal for up to three years and then a balloon payment is made as the buyer usually has enough money and data to get a 15-30 year loan.
 
You must log in or register to reply here.
Back
Top