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North Lake Acres, LLC

Storm Lake, IA · Hotels (except Casino Hotels) and Motels · NAICS 721110

North Lake Acres, LLC, located in Storm Lake, Iowa, operates in the hotels and motels industry (NAICS 721110). The company was financed with an SBA 7(a) loan for a change of ownership of $2.34 million, approved by United Bank of Iowa on June 26, 2024.

SBA 7(a) loan, change of ownership, approved Jun 26, 2024

$2,340,000 approvedLender: United Bank of Iowa25 years termStatus not reported (SBA exemption)Loan details
Gross approval
$2,340,000
SBA-guaranteed amount
$1,755,000 (75% of the approval)
Lender
United Bank of Iowa, Ida Grove, IA
Processing method
Preferred Lender Program: lender approved under delegated SBA authority
Initial interest rate
7.5%, fixed
Term
25 years (300 months)
Estimated maturity
June 26, 2049 (estimated, approval date plus term)
Estimated monthly payment
$17,292 Estimated payment at the initial rate over the full term; actual terms vary.
First disbursement
Jun 27, 2024
Loan status
Status not reported (SBA exemption)
Jobs supported
11
Business type
Corporation
NAICS
721110, Hotels (except Casino Hotels) and Motels
Project location
Buena Vista County, IA
SBA district office
Des Moines District Office
Congressional district
IA-04
Collateral
Yes
Guaranteed portion sold on secondary market
Not reported as sold
Revolving line of credit
No (term loan)
  • Larger than 32% 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 Iowa: $1,701,244.

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 Iowa