Banister Chrysler Dodge Jeep Ram of Hampton
Banister Chrysler Dodge Jeep Ram of Hampton is a new car dealer located in Hampton, Virginia, in the New Car Dealers industry. The business was financed with an SBA 7(a) loan for a change of ownership in the amount of $5,000,000, with Live Oak Banking Company as the lender and approval dated December 23, 2023.
SBA 7(a) loan, change of ownership, approved Dec 23, 2023
$5,000,000 approvedLender: Live Oak Banking Company10 years termStatus not reported (SBA exemption)Loan details
- Gross approval
- $5,000,000
- SBA-guaranteed amount
- $3,750,000 (75% of the approval)
- Lender
- Live Oak Banking Company, Wilmington, NC
- Processing method
- Preferred Lender Program: lender approved under delegated SBA authority
- Initial interest rate
- 9.5%, variable
- Term
- 10 years (120 months)
- Estimated maturity
- December 23, 2033 (estimated, approval date plus term)
- Estimated monthly payment
- $64,699 Estimated payment at the initial rate over the full term; actual terms vary.
- First disbursement
- Jan 26, 2024
- Loan status
- Status not reported (SBA exemption)
- Jobs supported
- 140
- Business type
- Corporation
- NAICS
- 441110, New Car Dealers
- Project location
- Hampton City County, VA
- SBA district office
- Richmond District Office
- Congressional district
- VA-02
- Collateral
- Yes
- Guaranteed portion sold on secondary market
- Yes
- Revolving line of credit
- No (term loan)
- Larger than 57% of acquisition loans in New Car Dealers on this site.
- Average acquisition loan in New Car Dealers: $3,540,626.
- Average acquisition loan in Virginia: $1,860,760.
Loan amounts are the SBA approval, not a purchase price. Figures labeled estimated are derived on this site and are not published by the SBA.
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