510 Butler St. LLC
510 Butler St. LLC is a bed-and-breakfast inn located in Saugatuck, Michigan, in the industry classified by NAICS code 721191. The company financed real estate or equipment through an SBA 504 loan of $1,668,000, approved on February 12, 2025, with First Eagle Bank as the lender and the Michigan Certified Development Corporation as the certified development company.
SBA 504 loan, approved Feb 12, 2025
$1,668,000 SBA portionCDC: Michigan Certified Development Corporation25 years termStatus not reported (SBA exemption)Loan details
- SBA (CDC) portion
- $1,668,000
- Bank portion
- $2,326,500
- Estimated project size
- $4,438,333 (estimated)
- Estimated owner equity
- $443,833 (estimated, about 10% of the project)
- Bank lender
- First Eagle Bank, Chicago, IL
- Processing method
- Accredited Lenders Program: CDC with an expedited SBA review
- Term
- 25 years (300 months)
- Estimated maturity
- February 12, 2050 (estimated, approval date plus term)
- First disbursement
- Sep 16, 2026
- Loan status
- Status not reported (SBA exemption)
- Jobs supported
- 3
- Business type
- Corporation
- NAICS
- 721191, Bed-and-Breakfast Inns
- Project location
- Allegan County, MI
- SBA district office
- Michigan District Office
- Congressional district
- MI-6
- Collateral
- Yes
Estimated share of project by source
Bank 52% SBA (CDC) 38% Owner 10%
- Larger than 71% of expansion loans in Bed-and-Breakfast Inns on this site.
- Average expansion loan in Bed-and-Breakfast Inns: $1,456,765.
- Average expansion loan in Michigan: $2,050,489.
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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