If you’re thinking of buying a gas station in Canada, securing financing is an essential step. However, the process can be complicated, with many different factors to consider. Here’s a checklist of what you need to know from a financing point of view, courtesy of GILKO CAPITAL:

1. Know your credit score:
   Your credit score is a vital factor in securing financing for a gas station purchase. Make sure you know your score and work to improve it if necessary. A higher credit score will increase your chances of securing financing and getting better terms.

2. Have a solid business plan:
   A well-thought-out business plan is crucial when seeking financing. Lenders want to see that you have a clear strategy for the gas station’s success, including projected revenues and expenses.

3. Understand the property’s value:
   Before seeking financing, you need to know the gas station’s value. Get a professional appraisal of the property and ensure that it’s accurate and up-to-date.

4. Assess the property’s condition:
   Lenders will want to know the condition of the property they’re financing. You’ll need to conduct a thorough inspection of the gas station to identify any maintenance issues or potential problems.

5. Prepare a detailed financial statement:
   A detailed financial statement is a crucial part of any loan application. Make sure you have an accurate picture of your finances, including income, expenses, assets and liabilities.

6. Consider the down payment:
   Most lenders will require a down payment of at least 20% of the gas station’s purchase price. Make sure you have the funds available for the down payment and any associated closing costs.

Buying a gas station can be a lucrative investment, but securing financing can be challenging. By following this checklist, you can increase your chances of success and make the process as smooth as possible. And, as always, if you need further assistance or guidance, GILKO CAPITAL is here to help.