Main Street Registry

Red Roof Inn of Melvindale

Melvindale, MI · Hotels (except Casino Hotels) and Motels · NAICS 721110

Red Roof Inn of Melvindale is a hotel and motel business in Melvindale, Michigan, classified under NAICS 721110 for hotels (except casino hotels) and motels. The company was financed with an SBA 7(a) loan for a change of ownership, in the amount of $2,588,000, approved on December 9, 2023, through lender First Western SBLC, LLC d/b/a Peachtree Group.

SBA 7(a) loan, change of ownership, approved Dec 9, 2023

$2,588,000 approvedLender: First Western SBLC, LLC d/b/a Peachtree Group25 years termStatus not reported (SBA exemption)Loan details
Gross approval
$2,588,000
SBA-guaranteed amount
$1,941,000 (75% of the approval)
Lender
First Western SBLC, LLC d/b/a Peachtree Group, Dallas, TX
Processing method
Preferred Lender Program: lender approved under delegated SBA authority
Initial interest rate
9.5%, variable
Term
25 years (300 months)
Estimated maturity
December 9, 2048 (estimated, approval date plus term)
Estimated monthly payment
$22,611 Estimated payment at the initial rate over the full term; actual terms vary.
First disbursement
Dec 28, 2023
Loan status
Status not reported (SBA exemption)
Jobs supported
12
Business type
Corporation
NAICS
721110, Hotels (except Casino Hotels) and Motels
Franchise
Red Roof Inn
Project location
Wayne County, MI
SBA district office
Michigan District Office
Congressional district
MI-12
Collateral
Yes
Guaranteed portion sold on secondary market
Yes
Revolving line of credit
No (term loan)
  • Larger than 39% 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 Michigan: $1,645,728.

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 Michigan