ICA SECURES a commitment to lend at 80% financing for the purchase of an Exxon Gas Station, goodwill, equipment, inventory, minor improvements, and working capital. This location has 6 pumps, a canopy island, convenience, lottery and liquor sales, a small restaurant and grocer.
ICA and the financing desk, leading resources in today’s mortgage industry SECURE a loan commitment for $1,544,500 (80% LTC) on several thousand square feet of owner occupied Real Estate in Kittrell, North Carolina for an operator with over 20 years’ experience in the gas business. ICA and its South East investor were able to deliver this no-call / no-balloon loan in times when not many investors would consider putting their money out there for Gas Station type projects. The customer was delivered a 25 year term and a 25 year amortized loan at a 6% interest rate. The commitment to lend comes with a short prepayment penalty for 3 years. All closing costs associated with the loan were rolled into the uses of the loan.
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