Automotive
Automotive Repair Shop Loans Can Super-Charge Your Business
Regardless of whether you are seeking to purchase or refinance your automotive repair shop, we have financing options for you. As a Direct Lender for automotive properties, Cressida Direct can help you grow your business no matter the size. With an easy application process and straightforward loan terms, our auto repair shop loans let you shift your business into high gear.
Although the general automotive repair industry is forecasted to exceed 51 billion in revenue by 2020 in the United States, the industry is still underserved by conventional banks. The fixed rate options and long amortizations, Cressida Direct can help provide financing for even the toughest loan requests.
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Complete Program
Rates: 6.50 – 9.00%
MAX LTV TIER 1 & 2: 80%
Best For:
Credit-worthy investors or business owners looking for an alternative to restrictive bank financing.
Stated Owner-Occupied Program
Rates: 6.50 – 9.00%
MAX LTV TIER 1 & 2: 80%
Best For:
Owner-occupied transactions where the business owner has difficulty documenting their income for traditional lenders.
Bank Statement Program
Rates: 6.50 – 9.00%
MAX LTV TIER 2: 80%
Best For:
Business owners who prefer to prove their income by providing 12 consecutive months of business bank statements instead of tax returns.
| Loan Purpose | Purchase, Cash Out, Refinance |
| Status | Owner occupancy 50%+ of space |
| Location | All states except: DE, ID, HI, MI, MT, ND, NV, SD, TN, VT, WV, WY |
| Borrowing Entity | Individual, LLC, trust, partnership |
| Loan Amount | $200,000 – $2,500,000 |
| Loan-to-Value | Up to 80% |
| Loan Term | Up to 30 years – no balloon |
| Amortization | Up to 30 years |
| Recourse | Yes, to the borrower |
| Rate Type | Fixed for 5 or 7 years |
| Credit | Minimum 650 middle credit score |
| Interest Rate | 6.99 – 9.49% |
| Prepayment Penalty | Flexible prepayment options |
| Ineligible Properties | Any property with underground hydraulics and/or lifts. |
| Eligible Borrowers | U.S. Citizens, Permanent Resident Aliens, Legal Entities |
