Basil The Twisted Penguin Cherry Grove LLC
Basil The Twisted Penguin Cherry Grove LLC is a limited-service restaurant located in North Myrtle Beach, South Carolina, classified under NAICS code 722513. The business was financed with an SBA 7(a) loan for a change of ownership totaling $752,900, approved on February 5, 2024, by Old National Bank.
SBA 7(a) loan, change of ownership, approved Feb 5, 2024
$752,900 approvedLender: Old National Bank10 years termCharged offLoan details
- Gross approval
- $752,900
- SBA-guaranteed amount
- $564,675 (75% of the approval)
- Lender
- Old National Bank, Evansville, IN
- Processing method
- Preferred Lender Program: lender approved under delegated SBA authority
- Initial interest rate
- 11.5%, variable
- Term
- 10 years (120 months)
- Estimated maturity
- February 5, 2034 (estimated, approval date plus term)
- Estimated monthly payment
- $10,585 Estimated payment at the initial rate over the full term; actual terms vary.
- First disbursement
- Feb 16, 2024
- Loan status
- Charged off
- Jobs supported
- 16
- Business type
- Corporation
- NAICS
- 722513, Limited-Service Restaurants
- Project location
- Horry County, SC
- SBA district office
- South Carolina District Office
- Congressional district
- SC-07
- Collateral
- Yes
- Guaranteed portion sold on secondary market
- Yes
- Revolving line of credit
- No (term loan)
- Larger than 35% of acquisition loans in Limited-Service Restaurants on this site.
- Average acquisition loan in Limited-Service Restaurants: $1,303,660.
- Average acquisition loan in South Carolina: $1,827,509.
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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