Buying a Pearle Vision franchise: SBA acquisition loan data
Since FY2018, SBA lenders have approved 11 7(a) loans to buy an existing Pearle Vision (classified mostly as Offices of Optometrists), totaling $8.9M. The median loan was $600,000, 7% lower than the $645,250 median for all SBA-financed acquisitions. 4 of these loans were approved in the last two fiscal years.
Terms signed in the LOI shape the purchase agreement that follows.
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What this tells a buyer
- Price range to expect. Loan size tracks purchase price. Half of Pearle Vision resale loans landed between $348,800 and $1,064,000.
- Lender experience exists. First Merchants Bank alone has financed 2 Pearle Vision 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 Pearle Vision resale
The median SBA 7(a) loan for a Pearle Vision resale was $600,000 across 11 loans (FY2018 to FY2026). First Merchants Bank, U.S. Bank, National Association and The Bancorp Bank National Association have financed the most Pearle Vision 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%.
Pearle Vision acquisition loans by year
| Fiscal year | Loans | Total approved | Median loan | |
|---|---|---|---|---|
| FY2018 | 2 | $2M | $1,008,500 | |
| FY2019 | 2 | $964K | $481,900 | |
| FY2020 | 1 | $265K | $265,000 | |
| FY2021 | 1 | $300K | $300,000 | |
| FY2022 | 1 | $398K | $397,600 | |
| FY2023 | 0 | $0 | - | |
| FY2024 | 0 | $0 | - | |
| FY2025 | 2 | $1.6M | $800,000 | |
| FY2026 | 2 | $3.4M | $1,696,500 |
How often do these acquisition loans fail?
Fewer than 20 Pearle Vision 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.
Seller note standby terms and third-party consents are reviewed before closing.
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Lenders financing Pearle Vision resales
| # | Lender | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | First Merchants Bank | 2 | 18.2% | $2.6M | |
| 2 | U.S. Bank, National Association | 2 | 18.2% | $964K | |
| 3 | The Bancorp Bank National Association | 1 | 9.1% | $1.5M | |
| 4 | United Midwest Savings Bank National Association | 1 | 9.1% | $1.1M | |
| 5 | Citizens Bank, National Association | 1 | 9.1% | $1M | |
| 6 | Live Oak Banking Company | 1 | 9.1% | $600K | |
| 7 | Glacier Bank | 1 | 9.1% | $564K | |
| 8 | PNC Bank, National Association | 1 | 9.1% | $398K | |
| 9 | Fulton Bank, National Association | 1 | 9.1% | $265K |
States where Pearle Vision units are bought
| # | State | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | Pennsylvania | 2 | 18.2% | $2.7M | |
| 2 | Iowa | 2 | 18.2% | $964K | |
| 3 | California | 1 | 9.1% | $1.5M | |
| 4 | Oklahoma | 1 | 9.1% | $1.1M | |
| 5 | Massachusetts | 1 | 9.1% | $1M | |
| 6 | Florida | 1 | 9.1% | $600K | |
| 7 | Idaho | 1 | 9.1% | $564K | |
| 8 | Virginia | 1 | 9.1% | $300K | |
| 9 | New Jersey | 1 | 9.1% | $265K |
Seller note standby terms and third-party consents are reviewed before closing.
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Questions buyers ask
How much do buyers borrow to buy a Pearle Vision franchise?
The median SBA 7(a) loan for a Pearle Vision resale was $600,000 across 11 loans (FY2018 to FY2026). The middle half of loans ran from $348,800 to $1,064,000. 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 Pearle Vision acquisitions?
First Merchants Bank has made the most SBA acquisition loans for Pearle Vision (2, 18% of the total). U.S. Bank, National Association, The Bancorp Bank National Association, United Midwest Savings Bank National Association follow.
What interest rate and term do Pearle Vision acquisition loans carry?
The average initial rate at approval was 7.75% (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 Pearle Vision resale riskier than other SBA-financed acquisitions?
Too few Pearle Vision 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 Pearle Vision units being bought with SBA loans?
Pennsylvania (2), Iowa (2), California (1), Oklahoma (1), Massachusetts (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.
The purchase agreement decides what you bought, not the loan approval.
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Related
- All Offices of Optometrists acquisitions
- Pennsylvania acquisitions
- Iowa acquisitions
- California acquisitions
- First Merchants Bank
- U.S. Bank, National Association
- The Bancorp Bank National Association
- All franchise brands
Brand name as recorded by lenders in the SBA file: "Pearle Vision" (franchise code S1286). Figures are aggregates of public SBA data and are not provided or endorsed by the franchisor.