Suds More Laundromat
Suds More Laundromat in Silver Spring, MD operates in the Coin-Operated Laundries and Drycleaners industry. The business was financed with an SBA 7(a) loan for a change of ownership, in the amount of $5 million, from Hanmi Bank, with approval dated January 24, 2025.
SBA 7(a) loan, change of ownership, approved Jan 24, 2025
$5,000,000 approvedLender: Hanmi Bank25 years termStatus not reported (SBA exemption)Loan details
- Gross approval
- $5,000,000
- SBA-guaranteed amount
- $3,750,000 (75% of the approval)
- Lender
- Hanmi Bank, Los Angeles, CA
- Processing method
- Preferred Lender Program: lender approved under delegated SBA authority
- Initial interest rate
- 8.5%, variable
- Term
- 25 years (300 months)
- Estimated maturity
- January 24, 2050 (estimated, approval date plus term)
- Estimated monthly payment
- $40,261 Estimated payment at the initial rate over the full term; actual terms vary.
- First disbursement
- Jan 31, 2025
- Loan status
- Status not reported (SBA exemption)
- Jobs supported
- 5
- Business type
- Corporation
- NAICS
- 812310, Coin-Operated Laundries and Drycleaners
- Project location
- Montgomery County, MD
- SBA district office
- Washington District Office
- Congressional district
- MD-03
- Collateral
- Yes
- Guaranteed portion sold on secondary market
- Yes
- Revolving line of credit
- No (term loan)
- Larger than 97% of acquisition loans in Coin-Operated Laundries and Drycleaners on this site.
- Average acquisition loan in Coin-Operated Laundries and Drycleaners: $1,337,074.
- Average acquisition loan in Maryland: $1,627,337.
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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