FAK Commercial Painting, Inc.
FAK Commercial Painting, Inc. is a painting and wall covering contractor located in San Antonio, Texas. The business was financed with an SBA 7(a) loan for a change of ownership, in the amount of $705,600, approved on September 26, 2024 by SouthState Bank, National Association.
SBA 7(a) loan, change of ownership, approved Sep 26, 2024
$705,600 approvedLender: SouthState Bank, National Association10 years termStatus not reported (SBA exemption)Loan details
- Gross approval
- $705,600
- SBA-guaranteed amount
- $529,200 (75% of the approval)
- Lender
- SouthState Bank, National Association, Winter Haven, FL
- Processing method
- Preferred Lender Program: lender approved under delegated SBA authority
- Initial interest rate
- 9.5%, variable
- Term
- 10 years (120 months)
- Estimated maturity
- September 26, 2034 (estimated, approval date plus term)
- Estimated monthly payment
- $9,130 Estimated payment at the initial rate over the full term; actual terms vary.
- First disbursement
- Oct 31, 2024
- Loan status
- Status not reported (SBA exemption)
- Jobs supported
- 21
- Business type
- Corporation
- NAICS
- 238320, Painting and Wall Covering Contractors
- Project location
- Bexar County, TX
- SBA district office
- San Antonio District Office
- Congressional district
- TX-21
- Collateral
- Yes
- Guaranteed portion sold on secondary market
- Not reported as sold
- Revolving line of credit
- No (term loan)
- Larger than 29% of acquisition loans in Painting and Wall Covering Contractors on this site.
- Average acquisition loan in Painting and Wall Covering Contractors: $1,429,871.
- Average acquisition loan in Texas: $1,944,682.
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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