Magnolia Storage
Magnolia Storage is a business in Murray, Kentucky, in the lessors of miniwarehouses and self-storage units industry. The company was financed with an SBA 7(a) loan for a change of ownership, approved on April 3, 2024, for $1.4 million through Live Oak Banking Company.
SBA 7(a) loan, change of ownership, approved Apr 3, 2024
$1,400,000 approvedLender: Live Oak Banking Company26 years termPaid in fullLoan details
- Gross approval
- $1,400,000
- SBA-guaranteed amount
- $1,050,000 (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
- 9%, variable
- Term
- 26 years (312 months)
- Estimated maturity
- April 3, 2050 (estimated, approval date plus term)
- Estimated monthly payment
- $11,630 Estimated payment at the initial rate over the full term; actual terms vary.
- First disbursement
- Apr 12, 2024
- Loan status
- Paid in full
- Jobs supported
- 2
- Business type
- Corporation
- NAICS
- 531130, Lessors of Miniwarehouses and Self-Storage Units
- Project location
- Calloway County, KY
- SBA district office
- Kentucky District Office
- Congressional district
- KY-01
- Collateral
- Yes
- Guaranteed portion sold on secondary market
- Not reported as sold
- Revolving line of credit
- No (term loan)
- Larger than 54% of acquisition loans in Lessors of Miniwarehouses and Self-Storage Units on this site.
- Average acquisition loan in Lessors of Miniwarehouses and Self-Storage Units: $1,454,898.
- Average acquisition loan in Kentucky: $1,988,993.
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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Same industry in Kentucky
- Waypoint Storage Property 1 LLC, Monticello