The Sea Cottages of Fernandina Inc
The Sea Cottages of Fernandina Inc is a hotel and motel business in Fernandina Beach, Florida, classified under NAICS code 721110 (Hotels, except Casino Hotels and Motels). The company financed real estate or equipment through an SBA 504 loan of $1,173,000 approved on February 15, 2024, with Community First CU of Florida as the bank lender and Florida First Capital Finance Corporation, Inc. as the certified development company.
SBA 504 loan, approved Feb 15, 2024
$1,173,000 SBA portionCDC: Florida First Capital Finance Corporation, Inc.25 years termStatus not reported (SBA exemption)Loan details
- SBA (CDC) portion
- $1,173,000
- Bank portion
- $1,635,000
- Estimated project size
- $3,120,000 (estimated)
- Estimated owner equity
- $312,000 (estimated, about 10% of the project)
- Bank lender
- Community First CU of Florida, Jacksonville, FL
- Processing method
- Accredited Lenders Program: CDC with an expedited SBA review
- Term
- 25 years (300 months)
- Estimated maturity
- February 15, 2049 (estimated, approval date plus term)
- First disbursement
- Jun 12, 2024
- Loan status
- Status not reported (SBA exemption)
- Jobs supported
- 4
- Business type
- Corporation
- NAICS
- 721110, Hotels (except Casino Hotels) and Motels
- Project location
- Nassau County, FL
- SBA district office
- North Florida District Office
- Congressional district
- FL-4
- Collateral
- Yes
Estimated share of project by source
Bank 52% SBA (CDC) 38% Owner 10%
- Larger than 7% 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 Florida: $2,058,496.
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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