Morning Glory Properties, Inc.
Morning Glory Properties, Inc. is a nursing care facility (skilled nursing facility) located in Scottsboro, Alabama, in the NAICS industry for nursing care facilities. The business financed real estate or equipment through an SBA 504 loan with an SBA portion of $1,058,000, approved on May 16, 2024, through Bank Five Nine with Florida First Capital Finance Corporation, Inc. as the certified development company.
SBA 504 loan, approved May 16, 2024
$1,058,000 SBA portionCDC: Florida First Capital Finance Corporation, Inc.25 years termStatus not reported (SBA exemption)Loan details
- SBA (CDC) portion
- $1,058,000
- Bank portion
- $1,706,950
- Estimated project size
- $3,072,167 (estimated)
- Estimated owner equity
- $307,217 (estimated, about 10% of the project)
- Bank lender
- Bank Five Nine, Oconomowoc, WI
- Processing method
- Accredited Lenders Program: CDC with an expedited SBA review
- Term
- 25 years (300 months)
- Estimated maturity
- May 16, 2049 (estimated, approval date plus term)
- First disbursement
- Oct 16, 2024
- Loan status
- Status not reported (SBA exemption)
- Jobs supported
- 23
- Business type
- Corporation
- NAICS
- 623110, Nursing Care Facilities (Skilled Nursing Facilities)
- Project location
- Jackson County, AL
- SBA district office
- Alabama District Office
- Congressional district
- AL-4
- Collateral
- Yes
Estimated share of project by source
Bank 56% SBA (CDC) 34% Owner 10%
- Larger than 3% of expansion loans in Nursing Care Facilities (Skilled Nursing Facilities) on this site.
- Average expansion loan in Nursing Care Facilities (Skilled Nursing Facilities): $2,434,200.
- Average expansion loan in Alabama: $2,182,891.
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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