Main Street Registry

Fast Cars, Ltd.

Redondo Beach, CA · Automotive Body, Paint, and Interior Repair and Maintenance · NAICS 811121

Fast Cars, Ltd. is an automotive body, paint, and interior repair and maintenance business located in Redondo Beach, California. The company financed real estate or equipment through an SBA 504 loan of $1,197,000, approved on October 13, 2023, with First-Citizens Bank & Trust Company as the bank and the California Statewide Certified Development Corporation as the certified development company.

SBA 504 loan, approved Oct 13, 2023

$1,197,000 SBA portionCDC: California Statewide Certified Development Corporation25 years termStatus not reported (SBA exemption)Loan details
SBA (CDC) portion
$1,197,000
Bank portion
$1,460,500
Estimated project size
$2,952,778 (estimated)
Estimated owner equity
$295,278 (estimated, about 10% of the project)
Bank lender
First-Citizens Bank & Trust Company, Raleigh, NC
CDC
California Statewide Certified Development Corporation
Processing method
Accredited Lenders Program: CDC with an expedited SBA review
Term
25 years (300 months)
Estimated maturity
October 13, 2048 (estimated, approval date plus term)
First disbursement
Jan 17, 2024
Loan status
Status not reported (SBA exemption)
Jobs supported
4
Business type
Corporation
NAICS
811121, Automotive Body, Paint, and Interior Repair and Maintenance
Project location
Los Angeles County, CA
SBA district office
Los Angeles District Office
Congressional district
CA-33
Collateral
Yes

Estimated share of project by source

Bank 49% SBA (CDC) 41% Owner 10%

  • Larger than 20% of expansion loans in Automotive Body, Paint, and Interior Repair and Maintenance on this site.
  • Average expansion loan in Automotive Body, Paint, and Interior Repair and Maintenance: $1,613,705.
  • Average expansion loan in California: $2,161,468.

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.

Same industry in California