Most people do not realize that getting a Gas Station Loan or Truck Stop Loan is not hard when doing business with RC Mortgage Tn. We offer both Conventional and SBA Loans with very flexible rates and terms to qualified borrowers. Conventional is more flexible. Note that we do not have professional agencies writing for us - we are simple straight forward people who "tell it like it is"
Conventional Gas Station and Truck Stop Loans, to service our customers, offering financial solutions for Purchases, Refinances, Cash-Out Refinances and Construction Loans for Gas Stations and Truck Stops and Car Washes
THE CONVENTIONAL PROGRAM
- Purchase, Refinance, Cash-out Refinance, with or without property, Construction with property
- Loan Range - $500,000 - $6,500,000 $1,000,000 minimum for Construction
- Minimum mid score - 650
- Minimum Debt Service Ratio - 1.25
- Maximun Loan to Value - 90% For Construction - 80% LTC or 65% of completed Appraised Value
- Seller seconds - considered on a per deal basis 5% - 10%
- Typical Terms - 20 to 25 year term, 10-20 year fixed, 25 year amortization, low pre-pay
- Rates - 5.55% to 7.75% depending on the financial strength of the Borrower and the Station, Construction rates will be higher and interest only during the Construction Period
- Collareral - land, building, equipment
- Experience required - 2 year minimum in Gas Station and Convenience Store Business
- Construction Loans roll into our Conventional Loan Program which saves time and money
BASIC DATA REQUIREMENTS
For Pre-Approval which is issued 24-48 hours after receiving all the following data
- Detailed Executive Summary showing the loan you are seeking and data about the station
- Last year and YTD P&L for the Station
- Personal Financial Statement
- Credit scores
- Business Resume
- Pics inside and outside - very important
- Any Environmental Issues that should be addressed
- Selling points of the Station
- for Construction forward the Cost Estimate
For Final Approval or Term Sheet
- Last 2 years personal and business tax returns for principals with over 20% ownership
- Balance Sheet for all principals
- Tri-Merge Credit Report for all principals
- Last 2 years station tax returns
- Purchasew Contract if Purchase
- Copy of recent Mortgage Statement if Refinance
- Fuel supplier agreement
- Brief station history
- Selling points of station - very important
- Plans, Drawings and specs if Construction
TURN AROUND TIME
- Term Sheet 5-7 business days after receiving data package
- Committment Letter in 10-12 business days after the term sheet is signed and third party costs are paid
- Closing - approximately 3 weeks after signing Committment Letter
- Total process is 5-7 weeks depending on response times from all parties involved, construction takes longer approx 6-8 weeks
Please contact us so we can discuss your Gas Station or Truck Stop Loan. We look forward to having the opportunity to work with you, and welcome inquiries from both borrowers and brokers
PLEASE EMAIL ALL DATA WITH A COVER SHOWING WHAT IS INCLUDED - IF THE DEAL IS AS GOOD AS ORIGINALLY PRESENTED WE WILL GET IT FUNDED
You will find us to be very responsive and anxious to discuss your present day and future financial needs
CONTACT INFO Buddy Dufau - President
RC MORTAGE TN
Phone 865-428-6995
Fax 865-429-2391
Email buddydufau1@msn.com
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