Deer Park Texas wash

[wendy's wash]

Hi, is there anyone out there that can tell me what is the best place to barrow money to buy a pre-existing car wash. I would like to barrow $450,000.00. Have been in the wash buisness for 25+ years, but never spent this kind of money for a wash. Believe loan company will want 20% down. If this is not right let me know. What will I be able to get on interest rate? How long can I get a fixed rate at.

 

[I.B. Washincars]

WW, I just borrowed a bundle to buy out my partner. My bank said they would lend up to 85% of the appraised value. I have been around this biz for nearly 40 years and have a nearly 20 year track record with them. Since this is an existing wash and you have a track record in this biz I would think your chances are pretty good. I got 6% locked in for 10 years. The rate has dropped a little since then.