Main Street Registry

Prime Hospitality & Development LLC

Raleigh, NC · Hotels (except Casino Hotels) and Motels · NAICS 721110

Prime Hospitality & Development LLC, located in Raleigh, North Carolina, operates in the hotels (except casino hotels) and motels industry. The company financed real estate or equipment through an SBA 504 loan of $1,793,000, approved on July 17, 2024, with First Bank of the Lake as the lending bank and Business Expansion Funding Corporation as the certified development company.

SBA 504 loan, approved Jul 17, 2024

$1,793,000 SBA portionCDC: Business Expansion Funding Corporation25 years termStatus not reported (SBA exemption)Loan details
SBA (CDC) portion
$1,793,000
Bank portion
$1,751,000
Estimated project size
$3,937,778 (estimated)
Estimated owner equity
$393,778 (estimated, about 10% of the project)
Bank lender
First Bank of the Lake, Osage Beach, MO
CDC
Business Expansion Funding Corporation
Processing method
504 Refinancing: refinances existing business debt
Term
25 years (300 months)
Estimated maturity
July 17, 2049 (estimated, approval date plus term)
First disbursement
Sep 11, 2024
Loan status
Status not reported (SBA exemption)
Jobs supported
6
Business type
Corporation
NAICS
721110, Hotels (except Casino Hotels) and Motels
Project location
Wake County, NC
SBA district office
North Carolina District Office
Congressional district
NC-2
Collateral
Yes

Estimated share of project by source

Bank 44% SBA (CDC) 46% Owner 10%

  • Larger than 27% of expansion loans in Hotels (except Casino Hotels) and Motels on this site.
  • Average expansion loan in Hotels (except Casino Hotels) and Motels: $2,843,226.
  • Average expansion loan in North Carolina: $2,167,577.

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 North Carolina