(Balance Sheet, Income Statement, Sources
and Uses of Cash): Need for
most recent three fiscal years and for the most recent interim period.
Need for the subject car wash and
other car washes that you own, if available.
If fiscal year-end financial
statements are not available tax returns can usually substitute.
We need just the most recent fiscal
and interim statements for any business unrelated to the car wash where
own 20% or more and for any trust of which you are a beneficiary.
financial statements need to be dated within 60 days prior to
loan to the lender.
Federal Income Tax Returns (including all schedules): Last three years. Business and personal.
Need for the business entity that now owns the car wash to be refinanced, even if there are other car washes or other businesses included in that return. If the car wash is owned personally, the Schedule C will satisfy this requirement.
Need for any other car wash business
if any, and for you personally. We need just the most recent return for
unrelated business where you own 20% or more and for any trust of which
are a beneficiary. Need extension filings.
If this will be a SBA loan, SBA
requires that the lender also obtain a copy of the returns directly
from IRS. After approval you will be asked to sign an IRS Form 4506 to
Owner/Guarantor Personal Financial Statement and Personal Cash Flow Statement:
For all owners with 20% or more ownership. We have some helpful forms and software for these for your use.
Personal Resume and
Personal History Statement:
A resume is not absolutely necessary, but if you already have a resume please provide a copy. A simple resume is sufficient. We have a resume form if you would like to use it. Need the separate Personal History Statement form completed for each 20% or more owner and spouse.
Copies of all Notes, Leases Payable & Receivable, Partnership Agreements, and all other formal agreements:
Usually just for your car wash business(es). This is both a lender and a SBA requirement. List the loan balances.
Verification that quarterly payroll taxes, income taxes, and property taxes are current:
Not required initially - is a part of 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 (two 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. We are available to answer any questions that you may have about preparing the projections, or with your input can prepare the projections for you.
A full business plan is not required since you are already a car wash owner. In some cases we need a two to three page summary of your operating and marketing plans. If so, we can discuss this.
Need itemized loan request. If a
conveyor car wash, stand-alone automatic car wash, or larger self-serve
car wash we
may need an area demographic report. If so, we have a specific source
this and a format for them to follow. For all car wash types we may
a copy of the area traffic count map. We can get this for you if you do
already have one.
Information about any planned refurbishment:
Need a copy of the construction or remodeling estimate(s) provided to you by the contractor(s). The loan can be approved based upon a broadly itemized estimate. The final contract must be signed prior to loan closing.
Information about the equipment:
Need a copy of the quotes for new equipment and installation of the equipment. The final equipment contract must be signed prior to loan closing. Written or verbal rebate agreements must be disclosed.
Need a copy of the most recent property tax statement. Please provide copies of available past plat drawings, surveys, appraisals, and environmental reports.
Depending upon the age of the car
we may need information about the original construction costs.
If the loan is for the refinance of
conveyor or in-bay automatic car wash please provide copies of the car
reports for the last three fiscal years, the most recent year-to-date
and for the same interim period last year. There is flexibility
please let us know about the format of your reports. Monthly reports
sometimes easier to provide.
If a new car wash appraisal, new
environmental survey, or new property survey is needed these are done after
is approved by the lender and by SBA, if a SBA-guaranteed loan.