Financing in Tarrytown>Question Details

Robert Paul, Real Estate Pro in Bedford, NY

I am looking to buy a Gas Station in Westchester. Can I get mortgage financing for this purchase and what is required?

Asked by Robert Paul, Bedford, NY Mon Jun 28, 2010

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Robert,
I would think that the nature of the business could be a factor affecting financing.

If the land is part of your purchase, you would certainly want to perform environmental due diligence, including obtaining a Phase I site assessment "to discover potential contamination or noncompliance with environmental laws and regulations."

While this doesn't guarantee you'll get the loan, it would offer a certain degree of reassurance to the lender (and you), and might protect you from liability in the future, when you resell. You can find more information at the website below. Good luck.

Maggie Hawk, REALTOR
(386) 314-1149
Watson Realty Corp.
0 votes Thank Flag Link Mon Jun 28, 2010
So far I have not been able to get anyone to help. The closest I have gotten is a broker who told me my client needs liquid assets to pledge for a broker loan. This loan will take care of the purchase and then once everything is good they can put a mortgage loan on the property.
0 votes Thank Flag Link Thu Jul 8, 2010
You'll need to determine whether you're buying the business with or without the underlying property. If you're buying the land with the property, then you'll need to do a valuation on the land and the business separately. You'll also need to evaluate them together. Some commercial lenders are still doing loans on these type of projects. I also know of some private money lenders who might be willing to fund this.
0 votes Thank Flag Link Mon Jun 28, 2010
Robert, I am a business broker, as well as a Realtor, and this is one of the biggest problems today...financing a business purchase.

There are some options out there and I will be happy to give you some guidance. Give me a call at 631-425-6150 or email me at Gail@GailGladstone.com. It's not going to be easy!
Web Reference: http://GailGladstone.com
0 votes Thank Flag Link Mon Jun 28, 2010
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