Main Street Registry

Halo Burger

Bloomfield Hills, MI · Limited-Service Restaurants · NAICS 722513

Halo Burger, located in Bloomfield Hills, Michigan, operates in the limited-service restaurants industry (NAICS 722513). It was financed with an SBA 7(a) loan for a change of ownership totaling $2.72 million, approved on October 29, 2024 by First Internet Bank of Indiana.

SBA 7(a) loan, change of ownership, approved Oct 29, 2024

$2,720,000 approvedLender: First Internet Bank of Indiana10 years termStatus not reported (SBA exemption)Loan details
Gross approval
$2,720,000
SBA-guaranteed amount
$2,040,000 (75% of the approval)
Lender
First Internet Bank of Indiana, Fishers, IN
Processing method
Preferred Lender Program: lender approved under delegated SBA authority
Initial interest rate
10.5%, variable
Term
10 years (120 months)
Estimated maturity
October 29, 2034 (estimated, approval date plus term)
Estimated monthly payment
$36,702 Estimated payment at the initial rate over the full term; actual terms vary.
First disbursement
Dec 20, 2024
Loan status
Status not reported (SBA exemption)
Jobs supported
2
Business type
Corporation
NAICS
722513, Limited-Service Restaurants
Project location
Oakland County, MI
SBA district office
Michigan District Office
Congressional district
MI-09
Collateral
Yes
Guaranteed portion sold on secondary market
Yes
Revolving line of credit
No (term loan)
  • Larger than 91% of acquisition loans in Limited-Service Restaurants on this site.
  • Average acquisition loan in Limited-Service Restaurants: $1,303,660.
  • Average acquisition loan in Michigan: $1,645,728.

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 Michigan