PetroMAC's loan products for petroleum marketers, C-stores and franchisee operators
Stated Income / Stated Asset Underwriting Program for Gas Stations / C-stores
- Real estate transactions ONLY
- Up to 65% LTV!
- Minimum loan $300,000, up to $1,000,000
- Can accommodate large seller held seconds
- Borrowed equity
- Environmentally challenged sites
- Gifts of equity
- No IRS form 4506
- Underperforming sites
- Locations with no financials
- Underperforming sites
- Citizenship/permanent resident alien status not required
- Multiple rate/term financing options available
- FAST approvals / FAST closings!
Stated Income/Stated Asset programs have traditionally been for transactions where there are no financials for a property or the site is underperforming either due to the underreporting of income or the poor performance of a site. Stated Income is also used where there are no financials. People also prefer Stated Income in situations where a quicker closing is required. Lenders tend to lump underperforming sites with sites that have no financials. In most cases, conventional underwriting will give a higher loan-to-value and a better rate than Stated Income. The Stated Income program will not lend against good will (or business value). Seller held seconds are generally allowed. Equity infusions from fuel suppliers are also generally allowed.
One requirement of the program is that the borrower has three years industry experience. If the borrower does not have direct industry experience, they can either take on someone in a minority ownership role that does, bring on or retain an existing manager with a contractual management agreement, retain the seller (if a purchase) in a small ownership role, usually less than 20%, and/or attend petroleum school in combination with the above mentioned options. From an underwriting point of view, a high credit score is desirable but is guarantee that a borrower is qualified to run a retail business.
To prequalify for financing, download the following forms and provide the following information and fax to (202)478-1811 or email to stated@petromac.com:
- PetroMAC loan request form (You can also submit online here)
- Personal Financial Statement
- Completed Tri-Merged Credit Report or Credit Authorization
- 2008 business financials (Seller/Borrower, if available)
- 2009 Year-To-Date business financials (Seller/Borrower, if available)
- Last three years fuel gallonage (Seller/Borrower)
So what are you waiting for? You can conveniently apply online for a loan here or download the prequalification form here. First time inquiries should inquire at info@petromac.com. Let us prove to you that PetroMAC truly “pumps capital into YOUR C-store”
(202)478-0230 Voice
(202)478-1811 Fax
http://petromac.com
info@petromac.com
