Investor needed, Car Wash, Gas C-store to build 4 bay pre-approved Lube Center

Have 2 properties appraised "AS IS" value $4.M, adding in business evaluations $5.6M. Currently carrying $3.6.M of higher interest loans servicing $350,000 of debt annually. Looking for an investor of $1.4M, either 25% of total project or 35% on properties. Once investor is in place, $1.4M would be used to pay off one of the secured debts, that would enable us to bring project to local bank (already have had preliminary discussions). With only $1.8M of secured debt on properties. Bank would loan 65-70% of "AS IS" value, because of our strong cash flow we would qualify for a $3M mortgage at 5.25 - 5.5%, lowering debt service at or below $220,000 annually. The $3M would be used to pay of other secured debt $1.8M, consolidate $400,000 of misc debt and build Lube Center (cost $400,000). While under construction their may be some interruption of other services Car Wash, Gas, C-store. Any monies left over would be used to either help carry project forward or if not necessary add 2 more gas islands (giving a total of 12 fueling points), also pre-approved. The investor for the short term would get interest from existing businesses, once Lube Center is complete would get a minimum of 15-20% increase in value (if just tied to properties). If investor investment is in on complete facility, The lube centers projections would add $300,000 net to bottom line. We would expect the Lube to grow quicker then normal, from other businesses on site with available cross merchandising. The investor can either stay in and benefit from facility, be refinanced and taken out from increased value of property, or property would sold. Thank you Kevin McFarland can be reached at 732-310-1360 or

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