Main Street Registry

Platinum Car Wash Inc

Philadelphia, PA · Car Washes · NAICS 811192

Platinum Car Wash Inc is a car wash business in Philadelphia, PA, in the car washes industry (NAICS 811192). The company was financed with an SBA 7(a) loan for a change of ownership, in the amount of $2.6 million, approved on May 31, 2024 by Metro City Bank.

SBA 7(a) loan, change of ownership, approved May 31, 2024

$2,600,000 approvedLender: Metro City Bank25 years termStatus not reported (SBA exemption)Loan details
Gross approval
$2,600,000
SBA-guaranteed amount
$1,950,000 (75% of the approval)
Lender
Metro City Bank, Doraville, GA
Processing method
Preferred Lender Program: lender approved under delegated SBA authority
Initial interest rate
9.5%, variable
Term
25 years (300 months)
Estimated maturity
May 31, 2049 (estimated, approval date plus term)
Estimated monthly payment
$22,716 Estimated payment at the initial rate over the full term; actual terms vary.
First disbursement
Jun 17, 2024
Loan status
Status not reported (SBA exemption)
Jobs supported
16
Business type
Corporation
NAICS
811192, Car Washes
Project location
Philadelphia County, PA
SBA district office
Philadelphia District Office
Congressional district
PA-02
Collateral
Yes
Guaranteed portion sold on secondary market
Yes
Revolving line of credit
No (term loan)
  • Larger than 66% of acquisition loans in Car Washes on this site.
  • Average acquisition loan in Car Washes: $2,047,274.
  • Average acquisition loan in Pennsylvania: $1,636,965.

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 Pennsylvania