M & B Property LLC
M & B Property LLC is a rolled steel shape manufacturing business located in Brandon, Minnesota, classified under NAICS code 331221. The company was financed with an SBA 7(a) loan for a change of ownership of $3,756,000, approved on March 16, 2024, by The Huntington National Bank.
SBA 7(a) loan, change of ownership, approved Mar 16, 2024
$3,756,000 approvedLender: The Huntington National Bank14 years termStatus not reported (SBA exemption)Loan details
- Gross approval
- $3,756,000
- SBA-guaranteed amount
- $2,817,000 (75% of the approval)
- Lender
- The Huntington National Bank, Columbus, OH
- Processing method
- Preferred Lender Program: lender approved under delegated SBA authority
- Initial interest rate
- 10.5%, variable
- Term
- 14 years (168 months)
- Estimated maturity
- March 16, 2038 (estimated, approval date plus term)
- Estimated monthly payment
- $42,760 Estimated payment at the initial rate over the full term; actual terms vary.
- First disbursement
- Mar 29, 2024
- Loan status
- Status not reported (SBA exemption)
- Jobs supported
- 8
- Business type
- Corporation
- NAICS
- 331221, Rolled Steel Shape Manufacturing
- Project location
- Douglas County, MN
- SBA district office
- Minnesota District Office
- Congressional district
- MN-07
- Collateral
- Yes
- Guaranteed portion sold on secondary market
- Not reported as sold
- Revolving line of credit
- No (term loan)
- Average acquisition loan in Rolled Steel Shape Manufacturing: $2,267,250.
- Average acquisition loan in Minnesota: $1,482,119.
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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