Private - Hard Money Car Wash
Private and hard money financing is an option for
borrowers that are looking for speed or have minimal to no financials available on the site. Private money
will always be higher rate and points than institution financing. People are looking for a much higher return
on their money so points and rates will be higher and the loan-to-value or advances will be smaller than
normal instituional loans. Business value will not be financed, only land, building and
equipment. Depending on the lender, private money deals usually will close within two to four weeks of
applying, after all necessary documentation is received.
Rate: Interest Only /
Fixed Rates are currently between
9.99% - 15.99%. Rates can be fixed or floating, although usually fixed.
Years / Interest Only
Value: 40 - 60% (No
Penalties: Some exit fees may apply, depending on
- Origination 1.5 - 6.0
- Due Diligence Deposit /
- Customary closing costs
- Owner occupied / investment properties
- Reasonable financial statement or credible
Collateral: First lien on land, building, equipment and inventory.
Additional outside collateral may be required.
To prequalify for car wash
financing, download the following forms and provide the following information and fax to (202)478-1811 or
email to email@example.com: