Lux Mundi Sports LLC
Lux Mundi Sports LLC is a sporting goods retailer located in Traverse City, Michigan, operating under the Play It Again Sports franchise. The business was financed with an SBA 7(a) loan for a change of ownership of $500,000, approved by Honor Bank on April 17, 2024, and supports 7 jobs.
SBA 7(a) loan, change of ownership, approved Apr 17, 2024
$500,000 approvedLender: Honor Bank10 years termStatus not reported (SBA exemption)Loan details
- Gross approval
- $500,000
- SBA-guaranteed amount
- $375,000 (75% of the approval)
- Lender
- Honor Bank, Honor, MI
- Processing method
- Standard 7(a): the lender submits the application for SBA review
- Initial interest rate
- 7.125%, fixed
- Term
- 10 years (120 months)
- Estimated maturity
- April 17, 2034 (estimated, approval date plus term)
- Estimated monthly payment
- $5,838 Estimated payment at the initial rate over the full term; actual terms vary.
- First disbursement
- May 14, 2024
- Loan status
- Status not reported (SBA exemption)
- Jobs supported
- 7
- Business type
- Corporation
- NAICS
- 459110, Sporting Goods Retailers
- Franchise
- Play It Again Sports
- Project location
- Grand Traverse County, MI
- SBA district office
- Michigan District Office
- Congressional district
- MI-01
- Collateral
- Yes
- Guaranteed portion sold on secondary market
- Not reported as sold
- Revolving line of credit
- No (term loan)
- Average acquisition loan in Sporting Goods Retailers: $1,337,498.
- 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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