Main Street Registry

Biltmore Motel

Lakewood, WA · Hotels (except Casino Hotels) and Motels · NAICS 721110

Biltmore Motel in Lakewood, WA operates in the hotels (except casino hotels) and motels industry. It was financed with an SBA 7(a) loan for a change of ownership of $2.045 million, approved on December 27, 2024 by Open Bank.

SBA 7(a) loan, change of ownership, approved Dec 27, 2024

$2,045,000 approvedLender: Open Bank25 years termStatus not reported (SBA exemption)Loan details
Gross approval
$2,045,000
SBA-guaranteed amount
$1,533,750 (75% of the approval)
Lender
Open Bank, Los Angeles, CA
Processing method
Preferred Lender Program: lender approved under delegated SBA authority
Initial interest rate
9.25%, variable
Term
25 years (300 months)
Estimated maturity
December 27, 2049 (estimated, approval date plus term)
Estimated monthly payment
$17,513 Estimated payment at the initial rate over the full term; actual terms vary.
First disbursement
Jan 3, 2025
Loan status
Status not reported (SBA exemption)
Jobs supported
1
Business type
Corporation
NAICS
721110, Hotels (except Casino Hotels) and Motels
Project location
Pierce County, WA
SBA district office
Seattle District Office
Congressional district
WA-06
Collateral
Yes
Guaranteed portion sold on secondary market
Yes
Revolving line of credit
No (term loan)
  • Larger than 26% 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 Washington: $1,784,595.

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 Washington