Morley Metals LLC
Morley Metals LLC is located in Gig Harbor, WA, and the SBA lists its industry as Other Foundation, Structure, and Building Exterior Contractors. It was approved for an SBA 7(a) loan of $980,000 for a change of ownership on February 23, 2024.
SBA 7(a) loan, change of ownership, approved Feb 23, 2024
- Gross approval
- $980,000
- SBA-guaranteed amount
- $735,000 (75% of the approval)
- Lender
- Heritage Bank, Olympia, WA
- Processing method
- Preferred Lender Program: lender approved under delegated SBA authority
- Initial interest rate
- 8.75%, variable
- Term
- 10 years (120 months)
- Estimated maturity
- February 23, 2034 (estimated, approval date plus term)
- Estimated monthly payment
- $12,282 Estimated payment at the initial rate over the full term; actual terms vary.
- First disbursement
- Feb 29, 2024
- Loan status
- Status not reported (SBA exemption)
- Jobs supported
- 10
- Business type
- Corporation
- NAICS
- 238190, Other Foundation, Structure, and Building Exterior Contractors
- Project location
- Pierce County, WA
- SBA district office
- Seattle District Office
- Congressional district
- WA-06
- Collateral
- Yes
- Guaranteed portion sold on secondary market
- Not reported as sold
- Revolving line of credit
- No (term loan)
- Larger than 23% of acquisition loans in Other Foundation, Structure, and Building Exterior Contractors on this site.
- Average acquisition loan in Other Foundation, Structure, and Building Exterior Contractors: $1,808,077.
- Average acquisition loan in Washington: $1,784,595.
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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