Leather Gallery of Boca Raton, Inc.
Leather Gallery of Boca Raton, Inc. is a furniture retailer located in Coral Springs, Florida, in the furniture retailers industry. The company was financed with an SBA 7(a) loan for a change of ownership, in the amount of $715,000, approved by Live Oak Banking Company on October 25, 2023.
SBA 7(a) loan, change of ownership, approved Oct 25, 2023
$715,000 approvedLender: Live Oak Banking Company10 years termStatus not reported (SBA exemption)Loan details
- Gross approval
- $715,000
- SBA-guaranteed amount
- $536,250 (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
- 10.5%, variable
- Term
- 10 years (120 months)
- Estimated maturity
- October 25, 2033 (estimated, approval date plus term)
- Estimated monthly payment
- $9,648 Estimated payment at the initial rate over the full term; actual terms vary.
- First disbursement
- Nov 2, 2023
- Loan status
- Status not reported (SBA exemption)
- Jobs supported
- 10
- Business type
- Corporation
- NAICS
- 449110, Furniture Retailers
- Project location
- Broward County, FL
- SBA district office
- South Florida District Office
- Congressional district
- FL-22
- Collateral
- Yes
- Guaranteed portion sold on secondary market
- Yes
- Revolving line of credit
- No (term loan)
- Larger than 18% of acquisition loans in Furniture Retailers on this site.
- Average acquisition loan in Furniture Retailers: $1,875,127.
- Average acquisition loan in Florida: $1,808,559.
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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