There are two major criteria and a number of lesser ones that a bank or
finance company uses to determine the refinancing loan amount.
First, the operating cash flow of the car wash business prior to the
loan payments must exceed the anticipated loan payments by
a comfortable margin. The cash flow is calculated using the the
most
recent
federal income tax return, the prior federal income tax return, and the
present year-to-date Income (P&L)
Statement.
Second, the maximum loan size cannot exceed the lender's predetermined
loan-to-value ratio, typically expressed as a percentage, such as 80%.
Before you call us please do a
basic refinancing analysis yourself. Click
the link below, which will allow you to open a simple Excel worksheet
on your
computer.
If you don't have Excel, Open Office will allow you to open, change,
and save Excel
workbooks just like Excel. Click here to get Open Office
for free: Get Open Office
. You only need the 'Calc' program to complete the worksheet but
you may want to try other Open Office programs. You can select
only the programs that you want to download.
Please complete the worksheet before you call us about refinancing your
car
wash. This will allow us to serve you better and faster.
You can fax or e-mail your completed Refinancing Worksheet(s) to us so
that we can be prepared for your call.
Sometimes car wash owners who want to refinance have bought or sold a
car wash or car
washes during the most recent income tax year or during the present
year. These situations may require a customized analysis and
are considered on a case-by-case basis.
We want to refinance your
car wash!
Alan Bussey Car Wash
Loans 903-876-2308
fax: 484-737-1092