The Sauna Place Inc.
The Sauna Place Inc. is a business in Cookeville, Tennessee, in the All Other Miscellaneous Retailers industry (NAICS 459999). It was financed with an SBA 7(a) loan for a change of ownership of $4 million, approved on November 8, 2023, through Newtek Bank, National Association.
SBA 7(a) loan, change of ownership, approved Nov 8, 2023
$4,000,000 approvedLender: Newtek Bank, National Association10 years termStatus not reported (SBA exemption)Loan details
- Gross approval
- $4,000,000
- SBA-guaranteed amount
- $3,000,000 (75% of the approval)
- Lender
- Newtek Bank, National Association, Miami, FL
- Processing method
- Preferred Lender Program: lender approved under delegated SBA authority
- Initial interest rate
- 11.5%, variable
- Term
- 10 years (120 months)
- Estimated maturity
- November 8, 2033 (estimated, approval date plus term)
- Estimated monthly payment
- $56,238 Estimated payment at the initial rate over the full term; actual terms vary.
- First disbursement
- Nov 30, 2023
- Loan status
- Status not reported (SBA exemption)
- Jobs supported
- 11
- Business type
- Corporation
- NAICS
- 459999, All Other Miscellaneous Retailers
- Project location
- Putnam County, TN
- SBA district office
- Tennessee District Office
- Congressional district
- TN-06
- Collateral
- Yes
- Guaranteed portion sold on secondary market
- Yes
- Revolving line of credit
- No (term loan)
- Larger than 93% of acquisition loans in All Other Miscellaneous Retailers on this site.
- Average acquisition loan in All Other Miscellaneous Retailers: $1,546,818.
- Average acquisition loan in Tennessee: $1,738,925.
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.
Is this your company? Claim or correct this listing. See Corrections.