Main Street Registry

Rio Grande Hotels LLC

Farmington, NM · Hotels (except Casino Hotels) and Motels · NAICS 721110

Rio Grande Hotels LLC is a hotel and motel business in Farmington, New Mexico, classified under NAICS 721110 (Hotels, except Casino Hotels and Motels). The company was financed with an SBA 7(a) loan for a change of ownership of $2.32 million, approved by Shoreham Bank on January 16, 2024.

SBA 7(a) loan, change of ownership, approved Jan 16, 2024

$2,320,000 approvedLender: Shoreham Bank25 years termStatus not reported (SBA exemption)Loan details
Gross approval
$2,320,000
SBA-guaranteed amount
$1,740,000 (75% of the approval)
Lender
Shoreham Bank, Warwick, RI
Processing method
Preferred Lender Program: lender approved under delegated SBA authority
Initial interest rate
10%, variable
Term
25 years (300 months)
Estimated maturity
January 16, 2049 (estimated, approval date plus term)
Estimated monthly payment
$21,082 Estimated payment at the initial rate over the full term; actual terms vary.
First disbursement
Jan 30, 2024
Loan status
Status not reported (SBA exemption)
Jobs supported
13
Business type
Corporation
NAICS
721110, Hotels (except Casino Hotels) and Motels
Project location
San Juan County, NM
SBA district office
New Mexico District Office
Congressional district
NM-03
Collateral
Yes
Guaranteed portion sold on secondary market
Yes
Revolving line of credit
No (term loan)
  • Larger than 31% 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 New Mexico: $1,985,089.

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 New Mexico