Re: Amount I can borrow on a service station loan
Posted: Wed Mar 02, 2016 2:10 pm
Hi Lakhe, welcome to the forums.
With a service station or petrol station loan, you can generally borrow up to 50% to 60% of the property value. All loan applications with loan amounts of more than $5 million will be assessed case by case.
The banks may usually need you to provide them with a business plan and profit forecasting for the service station. The interest rates and rate discounts will vary depending on which lender you apply with as well as your personal financial situation.
However, there's more to getting a good deal with low fees and a strong interest rate. You can find out more about this as well as the features on your loan in the commercial loan features page.
Please note that your business experience or the experience in the industry will also be counted so if this is your first investment then it may be difficult to secure finance because your application may be considered a high risk.
Cheers,
Otto
With a service station or petrol station loan, you can generally borrow up to 50% to 60% of the property value. All loan applications with loan amounts of more than $5 million will be assessed case by case.
The banks may usually need you to provide them with a business plan and profit forecasting for the service station. The interest rates and rate discounts will vary depending on which lender you apply with as well as your personal financial situation.
However, there's more to getting a good deal with low fees and a strong interest rate. You can find out more about this as well as the features on your loan in the commercial loan features page.
Please note that your business experience or the experience in the industry will also be counted so if this is your first investment then it may be difficult to secure finance because your application may be considered a high risk.
Cheers,
Otto