Star Hotel LLC
Star Hotel LLC is located in Canton, MI, and the SBA lists its industry as Hotels (except Casino Hotels) and Motels. It was approved for an SBA 7(a) loan of $2,880,000 for a change of ownership on December 13, 2023.
SBA 7(a) loan, change of ownership, approved Dec 13, 2023
- Gross approval
- $2,880,000
- SBA-guaranteed amount
- $2,160,000 (75% of the approval)
- Lender
- Shoreham Bank, Warwick, RI
- Processing method
- Preferred Lender Program: lender approved under delegated SBA authority
- Initial interest rate
- 10.25%, variable
- Term
- 25 years (300 months)
- Estimated maturity
- December 13, 2048 (estimated, approval date plus term)
- Estimated monthly payment
- $26,680 Estimated payment at the initial rate over the full term; actual terms vary.
- First disbursement
- Dec 21, 2023
- Loan status
- Paid in full
- Jobs supported
- 14
- Business type
- Corporation
- NAICS
- 721110, Hotels (except Casino Hotels) and Motels
- Franchise
- Travelodge by Wyndham
- Project location
- Wayne County, MI
- SBA district office
- Michigan District Office
- Congressional district
- MI-11
- Collateral
- Yes
- Guaranteed portion sold on secondary market
- Yes
- Revolving line of credit
- No (term loan)
- Larger than 45% 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 Michigan: $1,645,728.
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 Michigan
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- Neelkanth Varni Corporation, Canton
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