As a business professional planning and research is important in all the decisions that you make. If you own a gas station and want to make another purchase to expand your business or if you want to purchase your first property you need to prepare to apply for gas station loans.
There are several steps that you can do before completing the loan application. This will not only help to ensure that you are able to qualify for gas station loans but it can also assist in speeding up the approval process. By doing your research and learning about the property or existing business you are considering you will have all the information and documentation that the lender requires.
Consider a Specialized Lender
While you may want to apply for gas station loans through your traditional lender, typically your bank or financial institute, you may find that they don’t process gas station loans or they are not optimistic about your chances of getting approved.
There are specialized financial companies and lenders that will approve gas station loans because this is their area of expertise. They have trained professionals that can review your application and assess the risks and profitability to make an informed decision on your loan application.
Do Your Research on the Property
If you are purchasing an existing gas station either as second or subsequent location or as a first time business opportunity you do need to get up to speed on both regulations as well as the property quality. You need to ask very detailed questions about the gasoline storage tanks and the fuel systems that are underground.
In some states specific types of tanks with fuel leak detection systems are now required. If your gas station loans are for an existing station you need to verify that the required tanks and leak detection system are in place or you will not be approved for the loan or to do business.
Getting gas station loans is not an impossibility, but it is also not as easy as getting many other types of business loans. If possible talk to your lender prior to the loan application and ask what documentation and information is needed during the process so you can begin to get organized.
