Drive Automotive Sales & Service LLC
Drive Automotive Sales & Service LLC is a used car dealer in Weymouth, Massachusetts, classified under NAICS 441120 (Used Car Dealers). The company was financed with an SBA 7(a) loan for a change of ownership, totaling $1.4 million, approved on September 17, 2024 by Port 51 Lending LLC.
SBA 7(a) loan, change of ownership, approved Sep 17, 2024
$1,400,000 approvedLender: Port 51 Lending LLC25 years termStatus not reported (SBA exemption)Loan details
- Gross approval
- $1,400,000
- SBA-guaranteed amount
- $1,050,000 (75% of the approval)
- Lender
- Port 51 Lending LLC, New York, NY
- Processing method
- Preferred Lender Program: lender approved under delegated SBA authority
- Initial interest rate
- 10.75%, variable
- Term
- 25 years (300 months)
- Estimated maturity
- September 17, 2049 (estimated, approval date plus term)
- Estimated monthly payment
- $13,469 Estimated payment at the initial rate over the full term; actual terms vary.
- First disbursement
- Sep 30, 2024
- Loan status
- Status not reported (SBA exemption)
- Jobs supported
- 4
- Business type
- Corporation
- NAICS
- 441120, Used Car Dealers
- Project location
- Norfolk County, MA
- SBA district office
- Massachusetts District Office
- Congressional district
- MA-08
- Collateral
- Yes
- Guaranteed portion sold on secondary market
- Yes
- Revolving line of credit
- No (term loan)
- Larger than 27% of acquisition loans in Used Car Dealers on this site.
- Average acquisition loan in Used Car Dealers: $2,484,440.
- Average acquisition loan in Massachusetts: $1,643,977.
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.
Is this your company? Claim or correct this listing. See Corrections.