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Shreereva Independence LLC

Independence, OH · Hotels (except Casino Hotels) and Motels · NAICS 721110

Shreereva Independence LLC is a hotel and motel business in Independence, Ohio, in the hotels (except casino hotels) and motels industry. The company was financed with an SBA 7(a) loan for a change of ownership, totaling $4.2 million, approved on December 28, 2023, by Shoreham Bank.

SBA 7(a) loan, change of ownership, approved Dec 28, 2023

$4,200,000 approvedLender: Shoreham Bank25 years termStatus not reported (SBA exemption)Loan details
Gross approval
$4,200,000
SBA-guaranteed amount
$3,150,000 (75% of the approval)
Lender
Shoreham Bank, Warwick, RI
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 28, 2048 (estimated, approval date plus term)
Estimated monthly payment
$36,695 Estimated payment at the initial rate over the full term; actual terms vary.
First disbursement
Jan 12, 2024
Loan status
Status not reported (SBA exemption)
Jobs supported
15
Business type
Corporation
NAICS
721110, Hotels (except Casino Hotels) and Motels
Project location
Cuyahoga County, OH
SBA district office
Columbus District Office
Congressional district
OH-09
Collateral
Yes
Guaranteed portion sold on secondary market
Yes
Revolving line of credit
No (term loan)
  • Larger than 66% 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 Ohio: $1,840,340.

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 Ohio