New express wash in dallas/fort worth financing

[benny2]

Does anyone know of a lender that can make this a smooth process for me, since I have my end of the deal in order (i.e. credit, down payment, pro forma, etc.). I dont care if its a National, Regional, or local player.

Thanks in advance

 

[robert roman]

I’ll save you some time.

Answer these questions.

Do you have at least several years of experience as carwash owner and/or operations director or general manager?

At 50 percent of projections, will the expected selling price pay off the loan?

At 67 percent of projections, will the expected selling price pay off the loan and return all of the stakeholder’s equity?

At 75 percent of projections, will the expected selling price pay off the loan and provide the desired return on stakeholder’s equity (ROC or ROI)?

If you can’t answer “yes” to all these questions, the likelihood of you obtaining bank financing is fairly low.

 

[benny2]

Yes. Thanks. I have been researching opening an Express Wash for 7 years attending conventions, meeting with Equipment Suppliers, other owners etc. I completely understand why you said what you said, because I have watched a lot of potential operators get interested and put the cart before the horse. So I completely understand and appreciate your candidness.

 

[robert roman]

I wasn’t trying to be condescending. The questions are legitimate.

If you can answer each question with a yes, I and others who frequent this site can direct you to lenders and brokers that would consider you a good prospect for a loan.

Otherwise, those folks would not have much interest in entertaining your request regardless of how much research you have conducted.

 

[benny2]

The answer is yes. I was just letting you know I appreciate the candidness. I like people who are straight forward and don't sugar coat matters as serious as this. I wouldnt want it any other way. Thanks Again......

 

[Robert Bailey]

Do you have at least several years of experience as carwash owner and/or operations director or general manager?

Key indeed..