Har Har Mahadev LLC
Har Har Mahadev LLC is a hotel and motel business in Ardmore, Oklahoma, operating under the Motel 6 franchise. It was financed with an SBA 7(a) loan for a change of ownership totaling $2,598,000, approved by Open Bank on July 5, 2024.
SBA 7(a) loan, change of ownership, approved Jul 5, 2024
- Gross approval
- $2,598,000
- SBA-guaranteed amount
- $1,948,500 (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
- July 5, 2049 (estimated, approval date plus term)
- Estimated monthly payment
- $22,249 Estimated payment at the initial rate over the full term; actual terms vary.
- First disbursement
- Jul 31, 2024
- Loan status
- Status not reported (SBA exemption)
- Jobs supported
- 11
- Business type
- Corporation
- NAICS
- 721110, Hotels (except Casino Hotels) and Motels
- Franchise
- Motel 6
- Project location
- Carter County, OK
- SBA district office
- Oklahoma District Office
- Congressional district
- OK-02
- Collateral
- Yes
- Guaranteed portion sold on secondary market
- Yes
- Revolving line of credit
- No (term loan)
- Larger than 39% 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 Oklahoma: $1,861,759.
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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