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Elite Express
Car Wash
"Thanks for taking the fear of getting an SBA loan out of it for us... you and your team were awesome in assisting us through this process!"
– Kevin Morris, Owner & Operator
The Opportunity
Borrower is an existing customer who was looking to purchase a second location. The new location is a brand new express car wash in Fort Worth, TX.
The Challenge
Two challenges presented themselves on this transaction. First, all of the borrower’s equity was tied up in the first location so they did not have funds for a down payment. Second, the location was just completing construction so there is no historical financial information so we had to rely solely on projections for the new location.
The Solution
Celtic Bank was able to provide 100% financing on this transaction by taking a 2nd lien on the equity in the existing location. Combined LTV for both locations ended up under 80%. Based on the borrower’s experience in turning around a poorly operating business previously, Celtic Bank was able to get comfortable with the start-up nature/projection based nature of the business.
Quick Look
- $3,207,000
- SBA 7(a) Loan
- Commercial Real Estate
- Car Wash
Save For Later
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“For me being new to an SBA loan, the way [our loan officer] helped us navigate it, I knew we were with the right people…[Celtic’s] knowledge of the whole situation and the fact that they’ve navigated this for several other people was really impressive.”
– Brian Carroll
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