Financial & Business Plan

building plans-HOWCO

 

Most financial institutions will require information to process your request for funding. We suggest a face-to-face meeting with your banker to discuss your project in general terms. Afterward, be prepared to provide the following documentation in order for the lender to underwrite the potential transaction. Delays in preparing and providing these documents will slow almost any decision by the lender.

Provide a description of your car wash project.

Create a car wash business plan, including Year 1 monthly budgets, income and expense projections, initial capital expenditures, and a three-year financial pro format.

Attach a preliminary site layout, demographics, and site analysis. These can be provided by your Howco representative.

Provide literature on the car wash equipment to be utilized, photographs of similar car wash sites, and any information to give your lender a visual idea of the car wash project.

Provide a resume of the proposed owners.

Share personal financial statements of prospective owners and developers.

Regarding financial statements, make sure to include verification of liquidity of cash, any marketable securities, and other liquid assets that may be used for the initial equity and residual liquidity.

Provide copies of the last three years' personal tax returns of the prospective borrowers.

Lenders are looking for acceptable credit history with no derogatory credit reports within the last seven years. If any exist, provide a written explanation of the circumstances and why they won't reoccur.

Lenders want to know your business experience. Be sure to describe how Howco will support you with a startup operational training program, ongoing service and technical advice, and quality products for your operation.

The above illustrates some general anticipated credit underwriting requirements based on the current credit environment. Howco does not directly provide or extend credit, nor can we address the likelihood of any borrower to receive adequate financing. If you desire, we may be able to provide names and contact information of lenders in your area.

 

Company Information

HOWCO Commercial Car Wash Distributor

1521 E. Third St.
Charlotte, NC 28204
800-633-3914

facebook twitter