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Quality Inn Suites Richmond in

Richmond, IN · Hotels (except Casino Hotels) and Motels · NAICS 721110

Quality Inn Suites Richmond in, located in Richmond, Indiana, operates in the hotels and motels industry under NAICS code 721110. The business was financed with an SBA 7(a) loan for a change of ownership of $4,932,000, approved by GBank on November 16, 2023.

SBA 7(a) loan, change of ownership, approved Nov 16, 2023

$4,932,000 approvedLender: GBank25 years termStatus not reported (SBA exemption)Loan details
Gross approval
$4,932,000
SBA-guaranteed amount
$3,699,000 (75% of the approval)
Lender
GBank, Las Vegas, NV
Processing method
Preferred Lender Program: lender approved under delegated SBA authority
Initial interest rate
10%, variable
Term
25 years (300 months)
Estimated maturity
November 16, 2048 (estimated, approval date plus term)
Estimated monthly payment
$44,817 Estimated payment at the initial rate over the full term; actual terms vary.
First disbursement
Jan 22, 2024
Loan status
Status not reported (SBA exemption)
Jobs supported
6
Business type
Corporation
NAICS
721110, Hotels (except Casino Hotels) and Motels
Franchise
Quality Inn, Quality Inn & Suites,
Project location
Wayne County, IN
SBA district office
Indiana District Office
Congressional district
IN-06
Collateral
Yes
Guaranteed portion sold on secondary market
Yes
Revolving line of credit
No (term loan)
  • Larger than 75% 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 Indiana: $1,995,900.

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 Indiana