Convenience stores are really neighborhood markets, and many rely on the sale of fuel to attract customers to the location. Even without fuel to attract customers, many sell lottery tickets, fast food, beer and wine, ATM services, money orders, money wiring and some check cashing.
There are several types of owner-occupied loans available for these facilities. Most loans are under $2 million and are fully recourse. Fortunately, loan-to-values can exceed 90% on a regular basis, so those with experience and 10% cash can enter this lucrative business.
Loans are available in the fixed and variable rates. For seasoned operators, the variable rate loan offers the best terms and lowest cost.
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