West Palm Beach, FL
Financing a gas station is tricky: it’s part business, part commercial property. Typically, banks don’t like working with gas stations because of the business risks, hazards and the potential for land contamination. This particular gas station and convenience store was having a difficult time with the bank as its loans were coming due.
However, since this was a nice property, we were able to use the value of the land and buildings to secure a fixed-rate, prime conventional refinance. The gas station owner was very happy that he was able to bypass the bank and still get a cheaper, low-rate, long-term amortizing loan.