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  1. #1

    NJ RE Purchase way below assessed value

    We have a client that has no credit history--that's right NONE--2 inquiries... He wants to buy a NJ former gas station for 304. has assessed value of 800. Can you help?

  2. #2
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    Quote Originally Posted by info@nsslending.com View Post
    We have a client that has no credit history--that's right NONE--2 inquiries... He wants to buy a NJ former gas station for 304. has assessed value of 800. Can you help?
    How much of a down payment do they have?
    Dave Lambert, Business Development
    dave@fcbankcard.com
    Merchant Services Consultant
    High Risk Merchant Payment Solutions
    SBA 7(a) Loans & Short-Term Funding
    T/VM: 727-291-7890
    Office: 727-233-1111
    Skype: fc-financial

  3. #3
    less than 150. Thoughts?

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    Quote Originally Posted by info@nsslending.com View Post
    less than 150. Thoughts?
    Purchase Price is $304K and your client has how much less than $150K?
    Do they have 30/40% as a down payment?

    What State is the property located?
    Dave Lambert, Business Development
    dave@fcbankcard.com
    Merchant Services Consultant
    High Risk Merchant Payment Solutions
    SBA 7(a) Loans & Short-Term Funding
    T/VM: 727-291-7890
    Office: 727-233-1111
    Skype: fc-financial

  5. #5
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    Quote Originally Posted by Yankeeman07 View Post
    Purchase Price is $304K and your client has how much less than $150K?
    Do they have 30/40% as a down payment?

    What State is the property located?
    I believe the original post stated the information.
    Hedley Lamarr......That's Hedley

  6. #6
    Senior Member Reputation points: 34509 Jstarr's Avatar
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    Thats going to be tough, not because of the credit, because of the enviromental - when financing a gas station you willl always need a phase 1 enviro, and of something comes back and requires a phase 2, the station owner could be facing down a huge bill and potentially hold up the lenders funds / owners bank accounts until the enviro issue is fixed...

    the other part of this is the tanks, some station owners own them and most are leased.so that could also be an issue...

    Too many problems, I've done a few and wouldn't do it again.

    Quote Originally Posted by info@nsslending.com View Post
    We have a client that has no credit history--that's right NONE--2 inquiries... He wants to buy a NJ former gas station for 304. has assessed value of 800. Can you help?
    Jerry Starr
    Insource Funding
    433 Plaza Real, Ste 275 Boca Raton, Fl 33432
    P: 800-805-3391 Fx: 561-270-6895
    Jerry@insourcefunding.net | insourcefunding.net

    WHAT WOULD YOU DO " IF " YOU HAD THE CAPITAL

  7. #7
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    Anthony Auriemma
    732-552-5010
    Bilderberg Business Lenders

  8. #8
    We close 4-5 gas station CRE transactions a month. Please reach out if interested.

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