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Financing gas stations is difficult, complicated, and therefore most conventional banks and lenders do not consider financing a gas station or convenience store. Why?
1) Gas stations, convenience stores, and car wash businesses are a “cash business” and no business owner would report cash on tax returns. Therefore, it is impossible to verify the cash flow and determine the debt-service ratio of the loan.
2) Gas station properties have environmental risks. Those that are clean have a higher risk of environmental problems in the future.
3) If lenders seize the gas station properties through foreclosure, they cannot run the business. Unlike income-producing properties like apartment buildings, lenders cannot hire a property manager to manage the gas station.
4) There are other issues such as low fuel margins, restricted dealer, or franchise agreement that make the lender uncomfortable when evaluating gas station financing
There are few lenders who would consider financing gas stations and they mostly use SBA loans to finance the property since the federal government guarantees most of the loan. Even with the government guarantee, lenders are very conservative in underwriting the transaction. To be honest with you, if you’ve found a gas station property to buy, financing is possible, but it would be a hassle, so be prepared.
There are niche lenders that specialize in gas station and convenience store financing. [http://easysbaloan.com/small-business-loan-programs/special-purpose-lending/convenient-store-commercial-property-loans-financing/].
Some would go up to 80% of the value of the property and use the real estate, business and equipment as collateral to underwrite the property. The underwriter reviews tax returns, income statements, and sponsors’ credit and experience to analyze the creditworthiness of the transaction.