Buying a Garage Living franchise: SBA acquisition loan data
Since FY2018, SBA lenders have approved 5 7(a) loans to buy an existing Garage Living (classified mostly as All Other Professional, Scientific, and Technical Services), totaling $3.6M. The median loan was $833,000, 29% higher than the $645,250 median for all SBA-financed acquisitions. 3 of these loans were approved in the last two fiscal years.
Seller note standby terms and third-party consents are reviewed before closing.
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What this tells a buyer
- Price range to expect. Loan size tracks purchase price. Half of Garage Living resale loans landed between $670,000 and $1,000,000.
- Lender experience exists. The Huntington National Bank alone has financed 2 Garage Living resales.
- Guaranty. The SBA guaranteed 75% of the dollars lent here.
- What the file leaves out. The SBA file does not record franchisor transfer terms or fees.
Financing a Garage Living resale
The median SBA 7(a) loan for a Garage Living resale was $833,000 across 5 loans (FY2018 to FY2026). The Huntington National Bank, Republic Bank & Trust Company and 22nd State Bank, A Division of 22nd State Banking Company have financed the most Garage Living 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%.
Garage Living acquisition loans by year
| Fiscal year | Loans | Total approved | Median loan | |
|---|---|---|---|---|
| FY2018 | 0 | $0 | - | |
| FY2019 | 0 | $0 | - | |
| FY2020 | 0 | $0 | - | |
| FY2021 | 0 | $0 | - | |
| FY2022 | 0 | $0 | - | |
| FY2023 | 1 | $670K | $670,000 | |
| FY2024 | 1 | $833K | $833,000 | |
| FY2025 | 0 | $0 | - | |
| FY2026 | 3 | $2.1M | $1,000,000 |
How often do these acquisition loans fail?
Fewer than 20 Garage Living 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.
Terms signed in the LOI shape the purchase agreement that follows.
Request Engagement AssessmentAlex Lubyansky leads every engagement.
Lenders financing Garage Living resales
| # | Lender | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | The Huntington National Bank | 2 | 40.0% | $1.1M | |
| 2 | Republic Bank & Trust Company | 1 | 20.0% | $1M | |
| 3 | 22nd State Bank, A Division of 22nd State Banking Company | 1 | 20.0% | $833K | |
| 4 | Horizon Bank SSB | 1 | 20.0% | $670K |
States where Garage Living units are bought
Seller note standby terms and third-party consents are reviewed before closing.
Submit Transaction DetailsSBA-financed deals. All 50 states.
How lenders classify Garage Living
Lenders code each loan to a NAICS industry. For Garage Living the codes used were:
| # | Industry | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | All Other Professional, Scientific, and Technical Services | 3 | 60.0% | $1.7M | |
| 2 | Residential Remodelers | 1 | 20.0% | $1M | |
| 3 | All Other Specialty Trade Contractors | 1 | 20.0% | $833K |
Questions buyers ask
How much do buyers borrow to buy a Garage Living franchise?
The median SBA 7(a) loan for a Garage Living resale was $833,000 across 5 loans (FY2018 to FY2026). The middle half of loans ran from $670,000 to $1,000,000. 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 Garage Living acquisitions?
The Huntington National Bank has made the most SBA acquisition loans for Garage Living (2, 40% of the total). Republic Bank & Trust Company, 22nd State Bank, A Division of 22nd State Banking Company, Horizon Bank SSB follow.
What interest rate and term do Garage Living acquisition loans carry?
The average initial rate at approval was 9.24% (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 Garage Living resale riskier than other SBA-financed acquisitions?
Too few Garage Living 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 Garage Living units being bought with SBA loans?
Florida (3), Ohio (1), Texas (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.
Terms signed in the LOI shape the purchase agreement that follows.
Request Engagement AssessmentAlex Lubyansky leads every engagement.
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Related
- All All Other Professional, Scientific, and Technical Services acquisitions
- Florida acquisitions
- Ohio acquisitions
- Texas acquisitions
- The Huntington National Bank
- Republic Bank & Trust Company
- 22nd State Bank, A Division of 22nd State Banking Company
- All franchise brands
Brand name as recorded by lenders in the SBA file: "Garage Living" (franchise code S2027). Figures are aggregates of public SBA data and are not provided or endorsed by the franchisor.