finance a commercial property being leased

[Kevin Mcfarland]

I have a car wash, lube center, detail center and self service bays when originally purchased appraised at $1M "AS IS",  it was a closed building. I renovated with new car wash equipment, miscellaneous pump/ head units in lube center, also a lot of work to get self service bays running. Over $400,000 cash invested in renovation not including my time. Since it was a closed business I was only able to get  $6000 triple net lease. this lessee is a gasoline supplier and once he gets approval to install gas at location, will exercise his option to buy at appraised value. I used private funding to purchase location and looking to finance $850,000 1st position mortgage, and take out private lending.