Meadow Lakes Business LLC
Meadow Lakes Business LLC is a nursing care facility (skilled nursing facilities) located in Statesville, NC. The company financed real estate or equipment through an SBA 504 loan of $1,968,000, approved on July 9, 2024, with Bank Five Nine as the lender and Business Expansion Funding Corporation as the certified development company.
SBA 504 loan, approved Jul 9, 2024
$1,968,000 SBA portionCDC: Business Expansion Funding Corporation25 years termStatus not reported (SBA exemption)Loan details
- SBA (CDC) portion
- $1,968,000
- Bank portion
- $2,759,000
- Estimated project size
- $5,252,222 (estimated)
- Estimated owner equity
- $525,222 (estimated, about 10% of the project)
- Bank lender
- Bank Five Nine, Oconomowoc, WI
- Processing method
- 504 Refinancing: refinances existing business debt
- Term
- 25 years (300 months)
- Estimated maturity
- July 9, 2049 (estimated, approval date plus term)
- First disbursement
- Sep 11, 2024
- Loan status
- Status not reported (SBA exemption)
- Jobs supported
- 34
- Business type
- Corporation
- NAICS
- 623110, Nursing Care Facilities (Skilled Nursing Facilities)
- Project location
- Iredell County, NC
- SBA district office
- North Carolina District Office
- Congressional district
- NC-10
- Collateral
- Yes
Estimated share of project by source
Bank 53% SBA (CDC) 37% Owner 10%
- Larger than 43% of expansion loans in Nursing Care Facilities (Skilled Nursing Facilities) on this site.
- Average expansion loan in Nursing Care Facilities (Skilled Nursing Facilities): $2,434,200.
- Average expansion loan in North Carolina: $2,167,577.
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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