Main Street Registry

Naik Hospitality LLC

Pineville, NC · Hotels (except Casino Hotels) and Motels · NAICS 721110

Naik Hospitality LLC, located in Pineville, NC, operates in the hotels (except casino hotels) and motels industry and is a franchise business. The company was financed with an SBA 7(a) loan for a change of ownership of $4.68 million from Customers Bank, approved on December 13, 2023, supporting 16 jobs.

SBA 7(a) loan, change of ownership, approved Dec 13, 2023

$4,680,000 approvedLender: Customers Bank306 months termStatus not reported (SBA exemption)Loan details
Gross approval
$4,680,000
SBA-guaranteed amount
$3,510,000 (75% of the approval)
Lender
Customers Bank, Malvern, PA
Processing method
Preferred Lender Program: lender approved under delegated SBA authority
Initial interest rate
9%, variable
Term
25 years, 6 months (306 months)
Estimated maturity
June 13, 2049 (estimated, approval date plus term)
Estimated monthly payment
$39,071 Estimated payment at the initial rate over the full term; actual terms vary.
First disbursement
Dec 21, 2023
Loan status
Status not reported (SBA exemption)
Jobs supported
16
Business type
Corporation
NAICS
721110, Hotels (except Casino Hotels) and Motels
Franchise
Quality Inn, Quality Inn & Suites,
Project location
Mecklenburg County, NC
SBA district office
North Carolina District Office
Congressional district
NC-09
Collateral
Yes
Guaranteed portion sold on secondary market
Not reported as sold
Revolving line of credit
No (term loan)
  • Larger than 72% of acquisition loans in Hotels (except Casino Hotels) and Motels on this site.
  • Average acquisition loan in Hotels (except Casino Hotels) and Motels: $3,241,374.
  • Average acquisition loan in North Carolina: $1,952,444.

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 North Carolina