Imperial Painting & Coatings LLC
Imperial Painting & Coatings LLC, located in West Orange, New Jersey, operates in painting and wall covering contracting. The company was financed with an SBA 7(a) loan for a change of ownership of $4.5 million, approved on October 16, 2024, by Live Oak Banking Company.
SBA 7(a) loan, change of ownership, approved Oct 16, 2024
$4,500,000 approvedLender: Live Oak Banking Company10 years termStatus not reported (SBA exemption)Loan details
- Gross approval
- $4,500,000
- SBA-guaranteed amount
- $3,375,000 (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
- 8.25%, variable
- Term
- 10 years (120 months)
- Estimated maturity
- October 16, 2034 (estimated, approval date plus term)
- Estimated monthly payment
- $55,194 Estimated payment at the initial rate over the full term; actual terms vary.
- First disbursement
- Oct 28, 2024
- Loan status
- Status not reported (SBA exemption)
- Jobs supported
- 28
- Business type
- Corporation
- NAICS
- 238320, Painting and Wall Covering Contractors
- Project location
- Essex County, NJ
- SBA district office
- New Jersey District Office
- Congressional district
- NJ-10
- Collateral
- Yes
- Guaranteed portion sold on secondary market
- Not reported as sold
- Revolving line of credit
- No (term loan)
- Larger than 97% 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 New Jersey: $1,626,307.
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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