What to Know about Gas Station Loans and Construction Loans
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There are many companies around the globe offering gas station loans. These companies are known for financing dealers and operators. Recently, the petroleum retail industry has suffered the worst hit when the economy worsened. The records on foreclosures on gas stations and convenience stores have been the highest with the rise in fuel prices and the failing economy. In these times there are only a few companies who offer these gas station loans.
These companies offer gas station loans for gas station, service station, gas and c-store. These types of loans are available to anyone who wants to purchase or repair a gas station. Today, availing this type of loans has become more and more difficult due to the changing industry, tough supplier agreement, environmental concerns and other factors which negatively impact the industry. These few companies who understand these problems have come up with special gas station loans plan to meet the needs and requirement of their clients.
These companies’ plans for the gas station loans include:
• Minimum gas station Commercial loan size $250,00 • 15, 20,25 & 30 Year Amortizations • LTVs Range between 55%-80% • 2 or more years Seasoning for refinances • Fixed and Variable Rate options • Minimum 620 Credit Score
If you are looking to obtain construction loans for multifamily apartments then there are some things which you should know about before you venture out to get one. These types of loans are generally available at 80% of the value of the property. It can also be available to the leading amount dictated by the property’s Debt Service Conversion Ratio (DSCR) or Loan to Value (LTV). In terms of construction loans for multifamily, the DSCR is quite similar to the debt-To-Income Ratio which is used to qualify a residential home loan.
When looking for construction loans for multifamily, the DSCR determines whether or not your apartment construction will qualify for financing from the lender. You should keep in mind that the properties in “poor” conditions may not qualify for the construction loans for multifamily. They will be requiring a larger down payment. If you are applying for loans, then the units which you are considering should generally be in good condition. You can also consider refinancing your current apartment loan to get a lower mortgage rate.
The above mentioned points give you a brief idea about gas stations position in the falling economy. With the help of the gas station loans, many people have managed to survive the depression. Alongside these loans, the construction loans for multifamily have also helped people in building the homes of their dreams.
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