Financing leads - Posted by J. McGovern

Real Estate Investing Real Estate Financing
1

Posted by J. McGovern on August 27, 2004 at 15:24:44:

Thanks for the reply.

The problems are:

  1. Closing is scheduled on/before 9/30.
  2. Seller will not extend as there are higher back up
    offers.
  3. Bank can’t close in short window.

Thanks,
John

2

Financing leads - Posted by J. McGovern

Posted by J. McGovern on August 27, 2004 at 12:23:02:

Looking for leads for quick close on a gas/c-store. It is located in s/e Maine near a university. Site is completely updated and will be rebranded to a major flag.

Site has good numbers and cash flow.
Gasoline volume 1,250,000 gals/yr
Store sales $550,000 per year

Some growth potential in gas sales but greater growth from store sales.

Currently in the gas/c-store business in next state. After receiving verbal from my present bank, they elected to back out as it is out of state. Checked w/ 2 ME banks…either can’t close fast or need to build relationship w/ bank and can refi approx 1 year with current #'s.

Purchase price $575,000
Dwn Pmt $200,000
Inv & add’l equip. approx $62,000
Financing req. $375,000

Any leads would be appreciated.

John

3

Re: Financing leads - Posted by Jesse

Posted by Jesse on August 27, 2004 at 13:01:31:

If you’re putting that much down, you should definitely be able to find a commercial lender to do it. Check with some of the major banks and ask about their commercial loan programs. Let me know if I can help.

Jesse