Property Type: Car wash Loan Amount: $650,000 Loan: Acquisition
Finance Challenge: A 50% partner of a car wash business desired to purchase the stock of his partner but was denied by banks because of their concerns over the single use nature of the property, a weak balance sheet of the business and general concerns with the indusrty. New York Commercial Lending provided a $650,000 1st mortgage which enabled the client to effectuate the purchase. NYCL underwrote the loan based on the going concern value of the business, strong management and attractive location of the property. The loan has met the borrower’s goal of securing 100% interest in the business.