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Author: admin | Category: Car Loan Canada | Date: 26.01.2015

Time To Build a New Wash?  Found a great location and feel that now is the time to build a new wash?  Or maybe you already own a wash and want to fully renovate it? But before you go out and buy land below are some major points you should keep in mind regarding getting your commercial construction loan approved and funded. A defaulted, partially built wash has little collateral value and is very hard to liquidate for many reasons such as title, liens, that the loan amount will likely be much high then the as is value, etc.  In short, having a defaulted uncompleted building is a giant mess for the bank (and the borrower) and that is why they want to be cautious.
As mentioned above, you will need to have some cash left over after your equity injection to be able to pay for any cost overruns, this is referred to as “Post Close Liquidity”.
You will normally need plans completed before you can close… This means you will have to invest a lot of money in architectural, engineering fees, etc on the front end before your loan is closed.


The lender will want to see at least 3 years of direct industry experience, as they want to know that the borrower really knows what they are talking about when they say it is a great location and that they know how to run it properly. Other typical underwriting questions will come up as well, such as your personal credit, do you have any other income (other businesses? One of the biggest areas of confusion and conflict for borrowers is that banks want to get to know the builder you select.  Borrowers are often dumbfounded about this, often taking the attitude of “mind your own business”. Besides these precautions, now is a great time to build a new wash and you can get it done with as little as 15% down with long term financing.  Many operators that are investing in state of the art facilities and are making a ton of money. Banks want you to have completed plans before you close so they know the construction cost estimates are based specifically on what will be build.


Meaning the payments on the loan will be prefunded into the loan so the borrower does not have to make any payments while the wash is being built. So they will look at traffic count, demographics, competition, your price points, your projections, etc.
So from the banks perspective the question is how much will it go over budget?  Not will it, and can the borrower afford to pay for the cost overruns and timing delays?



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