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Looking for a loan with little or no money to buy a gas station. Price is 250k cash flow little over 150k.

Looking to buy a gas station with little or no money down loan. Brand name station with conv. store on a major route and open 24 hours. Price is $259k with a cash flow of $156k and revenue of $4.5 million.Store sales are around $36k a month and lottery commission is around $21k a year. I live only 5 minutes or so from location and this is a very high traffic area. I have good credit but lack the down payment that alot of lenders prefer. Just seeing if anyone may have an option to help me take that next step in life. Thank you

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Answers (3)
Kevin Blank
........................................
PA
Premium Broker

You typically need at least 20% down on loans so if you have little to no money or don't want to put your own money down, you probably won't get financed.

If you have a 401k with over $25k, you may be able to use it tax free and penalty free.

Also, talk with the owner and see if you can manage it until you build up a down payment. It never hurts to ask. Then if he sees you are doing a fantastic job, maybe he will finance you.

Otherwise, try to borrow from friends and family and let them be partners but have a buyout plan.

Feb 14, 2012
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Who gave you cash flow figure of 150k
Was it the seller or his broker
Remember that 80% of the time these 'cash flow ' and profit figures are wildly exaggerated puffery at its finest
In term of financing this is a non starter in today lending environment
if you.can't risk your own money why should someone else risk theirs

Jan 31, 2012
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Hey Brenden, send me an e-mail to discuss.

vigasimple@gmail.com isaiah

Jan 30, 2012

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