(Balance Sheet; Income Statement; and Sources and Uses of Cash, if
Need for the most recent three fiscal years and for the most recent
<>Need for your existing car wash
business, if you are already in the car wash business and if fiscal
year-end statements are available. Need the most recent interim
financial statements even if year-end
statements are not produced.
We need just the most recent fiscal
and interim balance sheets and income statements for any business
to the car wash where you own 20% or more and for any trust of which
are a beneficiary. Interim balance sheets and income statements need to
dated within 60 days prior to presenting the loan to the lender. If a
or corporation, and fiscal year-end balance sheets and income
are not available, tax returns can usually substitute.
Federal Income Tax Returns
(including all schedules): Last three years. Business and personal.
Need for your existing car wash
business, if you own one, and for you personally. We need just the most
recent return for any unrelated business where you own 20% or more and
for any trust of
which you are a beneficiary.
If this will be a SBA loan, SBA
requires the lender to obtain a copy of the returns directly from IRS.
After approval you will be asked to sign IRS Form 4506 to request
these. Many non-SBA lenders
also have this requirement.
Financial Statement and Personal Cash Flow Statement:
For all owners with 20% or more
ownership. We have some helpful forms for these. We have software for
Personal Resume and
Personal History Statement:
A simple resume is sufficient. A
resume is not absolutely necessary if you are already in the car wash
if you already have a resume please provide a copy. Need the separate
History Statement form completed for each 20% or more owner and spouse.
Copies of all Notes, Leases
& Receivable, Partnership Agreements, and all other formal
Usually just for your car wash
business(es). This is both a lender and a SBA requirement.
Verification that quarterly
taxes, income taxes, and property taxes are current:
Not required initially - is a part
the closing process. Verification can include completed returns,
statements, and canceled checks. A letter from your CPA can substitute
for these. Payroll taxes must be current or near-current at closing.
Business Cash Flow Projections
(three years forward by month):
We have some projections forms
specifically for car washes. We also provide car wash cash flow
forecasting software to
our applicants. Your revenue forecast on the projections should be
the result of numerical calculations using the area demographic and/or
count information. We are available to answer any questions that you
have about preparing the projections, or with your input can
the projections for you.
This does not need to be overly
complex or lengthy. The main issues are site selection, and your
marketing and operating
plans. We can provide you with business plan outlines. A full business
is not required if you are already a car wash owner, but in that
a three or four page summary of your operating and marketing plan for
new location would be helpful.
Need itemized loan request. Need an
demographic report. We have a specific source for this and a format for
to follow. Need a copy of the area traffic count map. Need a copy of
site analysis. Need a copy of third-party site analysis or feasibility
if done. Need a rough site plan showing curb and median cuts.
Information about the land:
Prior to seeking formal approval
lenders we need a signed copy of the land purchase contract or the land
draft. Need a copy of the most recent property tax statement. If you
own the land please provide copies of past closing statements and any
plat drawings, surveys, appraisals, and environmental reports.
Information about the
Most loans require a third-party
general contractor. Need a copy of the construction estimate, quote, or
or signed contract provided to you by the contractor. The loan can be
based upon a broadly itemized construction estimate. The final
contract must be signed by both parties prior to loan closing. Please
preliminary opinion letters from the city about the zoning and the
of receiving a construction permit. Please provide a copy of letters
the utility companies, or architect or engineer, about the availability
Information about the
If separate from the construction
we need a copy of the quotes for the new equipment and installation of
equipment. If a turnkey contract the equipment dollar amount needs to
stated separately. The final equipment contract must be signed prior to
closing. Written or verbal rebate agreements must be disclosed.
If a car wash "as completed"
appraisal, environmental survey, or property survey is needed these are
done after the loan is approved by the lender and by SBA, if a
Car Wash Loans 817-903-876-2308