Buying a FirstLight HomeCare franchise: SBA acquisition loan data
Since FY2018, SBA lenders have approved 6 7(a) loans to buy an existing FirstLight HomeCare (classified mostly as Services for the Elderly and Persons with Disabilities), totaling $12M. The median loan was $1,512,500, 134% higher than the $645,250 median for all SBA-financed acquisitions. 3 of these loans were approved in the last two fiscal years.
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What this tells a buyer
- Price range to expect. Loan size tracks purchase price. Half of FirstLight HomeCare resale loans landed between $225,750 and $3,681,250.
- Lender experience exists. Live Oak Banking Company alone has financed 5 FirstLight HomeCare resales.
- Guaranty. The SBA guaranteed 74% of the dollars lent here.
- What the file leaves out. The SBA file does not record franchisor transfer terms or fees.
Financing a FirstLight HomeCare resale
The median SBA 7(a) loan for a FirstLight HomeCare resale was $1,512,500 across 6 loans (FY2018 to FY2026). Live Oak Banking Company and Alerus Financial, National Association have financed the most FirstLight HomeCare resales. Too few of these loans are old enough to measure a charge-off rate; the average for all SBA acquisition loans is 3.5%.
FirstLight HomeCare acquisition loans by year
| Fiscal year | Loans | Total approved | Median loan | |
|---|---|---|---|---|
| FY2018 | 1 | $201K | $201,000 | |
| FY2019 | 0 | $0 | - | |
| FY2020 | 0 | $0 | - | |
| FY2021 | 0 | $0 | - | |
| FY2022 | 2 | $2.8M | $1,412,500 | |
| FY2023 | 0 | $0 | - | |
| FY2024 | 0 | $0 | - | |
| FY2025 | 0 | $0 | - | |
| FY2026 | 3 | $9M | $4,000,000 |
How often do these acquisition loans fail?
Fewer than 20 FirstLight HomeCare acquisition loans are old enough to measure losses reliably, so no charge-off rate is shown. The benchmark across all SBA acquisition loans in the FY2018 to FY2021 cohort is 3.5% by count. Non-acquisition 7(a) loans (every other stated purpose) approved FY2018 to FY2021 charged off at 6.2%.
"Charged off" is the SBA's final loss action on a defaulted loan after collection efforts. It lags default by a year or more, which is why only older cohorts are measured. It is not the same as a delinquency rate, and loans still outstanding can still fail. See charge-off in the glossary.
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Lenders financing FirstLight HomeCare resales
| # | Lender | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | Live Oak Banking Company | 5 | 83.3% | $11.8M | |
| 2 | Alerus Financial, National Association | 1 | 16.7% | $201K |
States where FirstLight HomeCare units are bought
Terms signed in the LOI shape the purchase agreement that follows.
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How lenders classify FirstLight HomeCare
Lenders code each loan to a NAICS industry. For FirstLight HomeCare the codes used were:
| # | Industry | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | Services for the Elderly and Persons with Disabilities | 4 | 66.7% | $7M | |
| 2 | Home Health Care Services | 2 | 33.3% | $5M |
Questions buyers ask
How much do buyers borrow to buy a FirstLight HomeCare franchise?
The median SBA 7(a) loan for a FirstLight HomeCare resale was $1,512,500 across 6 loans (FY2018 to FY2026). The middle half of loans ran from $225,750 to $3,681,250. The loan excludes the buyer's equity and any seller note and may include working capital, so the price is usually higher than the loan.
Which banks finance FirstLight HomeCare acquisitions?
Live Oak Banking Company has made the most SBA acquisition loans for FirstLight HomeCare (5, 83% of the total). Alerus Financial, National Association follow.
What interest rate and term do FirstLight HomeCare acquisition loans carry?
The average initial rate at approval was 7.25% (a blend of fixed and variable loans across several rate environments, so treat it as context, not a quote). The median term was 10 years.
Is a FirstLight HomeCare resale riskier than other SBA-financed acquisitions?
Too few FirstLight HomeCare acquisition loans are old enough to measure. The benchmark for all SBA acquisition loans is 3.5% charged off in the FY2018 to FY2021 cohort.
Where are FirstLight HomeCare units being bought with SBA loans?
Oklahoma (2), Colorado (2), Florida (1), Arizona (1). State counts follow where the brand has units and where SBA lending is most active generally; see the state pages for the overall picture.
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Related
- All Services for the Elderly and Persons with Disabilities acquisitions
- Oklahoma acquisitions
- Colorado acquisitions
- Florida acquisitions
- Live Oak Banking Company
- Alerus Financial, National Association
- All franchise brands
Brand name as recorded by lenders in the SBA file: "FirstLight HomeCare" (franchise code S0644). Figures are aggregates of public SBA data and are not provided or endorsed by the franchisor.