Program: Private 'Soft' Money
Property Type: Special Use - Car Wash
Location: Houston, Texas
LTV/LTC: 65% of the Purchase Price
Terms: 15 years amortized with adjustable rate, 9.8% Rate.
Details: Our team assisted the borrowers with the purchase of a Car Wash Property. The client has operated a mobile 'hand wash & auto detail' business for seven years prior and ready for expansion into a brick & mortar set-up. The purchase of the property will allow our client to continue his mobile car wash business and with the new expansion on a busy street, an increase in cash flow.
The main challenge with the transaction was the subject property as it needed equipment updates, non-operational, no revenues, and special use. We were able to overcome the obstacles with a private 'soft' money program. Once property is operational and stabilized, we'll assist with a refinance.