subject: Basic Things To Do To Borrow Gas Station Purchase Loans The Loans Available [print this page] The loans available for purchasing a gas station are known as gas station purchase loans. These are commercial loans which are provided by the banks for not only gas stations but also for service stations, c-store and other similar property types located in any part of the country. But in recent years, availing gas station loan has become more and more difficult due to the ever changing scenario of industries, strict suppliers and many other external factors which have created a negative impact on the gas station purchasing loans system. But the commercial banks understand the challenges and have created special purpose gas station loans which will meet the requirements of the clients.
What are the documents required for passing a gas station loan?
1. Personal financing statement dated within past 2 months
2. Supplier agreement
3. Franchise agreement if applicable
4. Owner operated or investor
5. Programs available for full service stations
6. Gas with c-store welcome
7. Purchase agreement if applicable
8. Borrowers credit report
9. Statement addressing negative items on credit reports if applicable
Now when you are confirmed about the documentation for purchasing a gas station, you should go and check out the gas station which you dream to own. But before that a small task is also to be mentioned. Which bank you should approach for gas station loans? Banks are reluctant to lend money because of their lack of interest in this industry. Gas station loans have become more and more difficult due to new regulations as most of the gas station mortgage providers have departed from the industry. So there are some real estate financers who are doing business with a very close relationship with the banks in recent years.
For few years of past financing gas station has been rather difficult, it now it has turned impossible. It is no secret that with the current scarcity of funds and struggling economy status, funding or financing your gas station loans is quite a challenge. So, a few rich brokers or lenders are coming up to provide you with your gas station loans. But be sure to work with only knowledgeable brokers and lenders or else you will end up wasting time, effort and money.
If you choose carefully with whom you are doing business with then gas station purchase loans will be easy passing and indeed a great pleasure. You can get your money in as little as thirty day period after you have done all your paper-work.
