Buying a Grease Monkey franchise: SBA acquisition loan data
Since FY2018, SBA lenders have approved 18 7(a) loans to buy an existing Grease Monkey (classified mostly as Automotive Oil Change and Lubrication Shops), totaling $13.6M. The median loan was $588,500, 9% lower 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 Grease Monkey resale loans landed between $373,050 and $982,625.
- Lender experience exists. Live Oak Banking Company alone has financed 12 Grease Monkey resales.
- Guaranty. The SBA guaranteed 79% of the dollars lent here.
- What the file leaves out. The SBA file does not record franchisor transfer terms or fees.
Financing a Grease Monkey resale
The median SBA 7(a) loan for a Grease Monkey resale was $588,500 across 18 loans (FY2018 to FY2026). Live Oak Banking Company, Heritage Bank and The Bancorp Bank National Association have financed the most Grease Monkey 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%.
Grease Monkey acquisition loans by year
| Fiscal year | Loans | Total approved | Median loan | |
|---|---|---|---|---|
| FY2018 | 1 | $368K | $368,400 | |
| FY2019 | 3 | $1.2M | $425,000 | |
| FY2020 | 3 | $1.9M | $775,000 | |
| FY2021 | 4 | $3.3M | $795,250 | |
| FY2022 | 2 | $1.4M | $718,500 | |
| FY2023 | 2 | $2.3M | $1,162,500 | |
| FY2024 | 0 | $0 | - | |
| FY2025 | 1 | $407K | $407,000 | |
| FY2026 | 2 | $2.6M | $1,304,000 |
How often do these acquisition loans fail?
Fewer than 20 Grease Monkey 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 Grease Monkey resales
| # | Lender | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | Live Oak Banking Company | 12 | 66.7% | $7.7M | |
| 2 | Heritage Bank | 2 | 11.1% | $2.6M | |
| 3 | The Bancorp Bank National Association | 2 | 11.1% | $2.5M | |
| 4 | First Bank | 1 | 5.6% | $407K | |
| 5 | Evolve Bank and Trust | 1 | 5.6% | $368K |
States where Grease Monkey units are bought
| # | State | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | South Carolina | 4 | 22.2% | $2M | |
| 2 | North Carolina | 3 | 16.7% | $2.1M | |
| 3 | Washington | 2 | 11.1% | $2.6M | |
| 4 | Colorado | 2 | 11.1% | $1.5M | |
| 5 | Nevada | 1 | 5.6% | $1.5M | |
| 6 | Utah | 1 | 5.6% | $1.4M | |
| 7 | Texas | 1 | 5.6% | $994K | |
| 8 | Florida | 1 | 5.6% | $597K | |
| 9 | Georgia | 1 | 5.6% | $580K | |
| 10 | California | 1 | 5.6% | $250K |
The purchase agreement decides what you bought, not the loan approval.
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How lenders classify Grease Monkey
Lenders code each loan to a NAICS industry. For Grease Monkey the codes used were:
| # | Industry | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | Automotive Oil Change and Lubrication Shops | 14 | 77.8% | $10.8M | |
| 2 | General Automotive Repair | 3 | 16.7% | $1.8M |
Questions buyers ask
How much do buyers borrow to buy a Grease Monkey franchise?
The median SBA 7(a) loan for a Grease Monkey resale was $588,500 across 18 loans (FY2018 to FY2026). The middle half of loans ran from $373,050 to $982,625. 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 Grease Monkey acquisitions?
Live Oak Banking Company has made the most SBA acquisition loans for Grease Monkey (12, 67% of the total). Heritage Bank, The Bancorp Bank National Association, First Bank follow.
What interest rate and term do Grease Monkey acquisition loans carry?
The average initial rate at approval was 6.86% (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 Grease Monkey resale riskier than other SBA-financed acquisitions?
Too few Grease Monkey 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 Grease Monkey units being bought with SBA loans?
South Carolina (4), North Carolina (3), Washington (2), Colorado (2), Nevada (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.
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Related
- All Automotive Oil Change and Lubrication Shops acquisitions
- South Carolina acquisitions
- North Carolina acquisitions
- Washington acquisitions
- Live Oak Banking Company
- Heritage Bank
- The Bancorp Bank National Association
- All franchise brands
Brand name as recorded by lenders in the SBA file: "Grease Monkey" (franchise code S0741). Figures are aggregates of public SBA data and are not provided or endorsed by the franchisor.