Hi-Tech Iron Works
Hi-Tech Iron Works, located in Commerce, California, operates in the structural steel and precast concrete contractors industry (NAICS 238120). The business was financed with an SBA 7(a) loan for a change of ownership totaling $1,105,000, made by First Bank with a December 13, 2023 approval date.
SBA 7(a) loan, change of ownership, approved Dec 13, 2023
$1,105,000 approvedLender: First Bank10 years termStatus not reported (SBA exemption)Loan details
- Gross approval
- $1,105,000
- SBA-guaranteed amount
- $828,750 (75% of the approval)
- Lender
- First Bank, Southern Pines, NC
- Processing method
- Preferred Lender Program: lender approved under delegated SBA authority
- Initial interest rate
- 11%, variable
- Term
- 10 years (120 months)
- Estimated maturity
- December 13, 2033 (estimated, approval date plus term)
- Estimated monthly payment
- $15,221 Estimated payment at the initial rate over the full term; actual terms vary.
- First disbursement
- Jan 17, 2024
- Loan status
- Status not reported (SBA exemption)
- Jobs supported
- 30
- Business type
- Corporation
- NAICS
- 238120, Structural Steel and Precast Concrete Contractors
- Project location
- Los Angeles County, CA
- SBA district office
- Los Angeles District Office
- Congressional district
- CA-38
- Collateral
- Yes
- Guaranteed portion sold on secondary market
- Yes
- Revolving line of credit
- No (term loan)
- Average acquisition loan in Structural Steel and Precast Concrete Contractors: $1,733,000.
- Average acquisition loan in California: $1,688,228.
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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