S.A.S. Petroleum resales: SBA acquisition loan data
Since FY2018, SBA lenders have approved 9 7(a) loans to buy an existing business operating under a S.A.S. Petroleum brand or supply agreement (classified mostly as Gasoline Stations with Convenience Stores), totaling $16.7M. The median loan was $1,750,000, 171% 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 S.A.S. Petroleum resale loans landed between $1,080,000 and $2,147,500.
- Lender experience exists. Readycap Lending, LLC alone has financed 2 S.A.S. Petroleum resales.
- Guaranty. The SBA guaranteed 75% of the dollars lent here.
- What the file leaves out. The SBA file does not record the terms of the brand or supply agreement.
Financing a S.A.S. Petroleum resale
The median SBA 7(a) loan for a S.A.S. Petroleum resale was $1,750,000 across 9 loans (FY2018 to FY2026). Readycap Lending, LLC, Gesa CU and Metro City Bank have financed the most S.A.S. Petroleum 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%.
S.A.S. Petroleum acquisition loans by year
| Fiscal year | Loans | Total approved | Median loan | |
|---|---|---|---|---|
| FY2018 | 0 | $0 | - | |
| FY2019 | 0 | $0 | - | |
| FY2020 | 1 | $1.1M | $1,080,000 | |
| FY2021 | 0 | $0 | - | |
| FY2022 | 1 | $625K | $625,000 | |
| FY2023 | 2 | $2M | $977,500 | |
| FY2024 | 2 | $3.6M | $1,776,750 | |
| FY2025 | 1 | $2.1M | $2,147,500 | |
| FY2026 | 2 | $7.3M | $3,663,000 |
How often do these acquisition loans fail?
Fewer than 20 S.A.S. Petroleum 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 S.A.S. Petroleum resales
| # | Lender | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | Readycap Lending, LLC | 2 | 22.2% | $4.1M | |
| 2 | Gesa CU | 2 | 22.2% | $2.4M | |
| 3 | Metro City Bank | 2 | 22.2% | $2.4M | |
| 4 | Open Bank | 1 | 11.1% | $5M | |
| 5 | Mountain Pacific Bank | 1 | 11.1% | $2.1M | |
| 6 | Commonwealth Business Bank | 1 | 11.1% | $625K |
States where S.A.S. Petroleum units are bought
| # | State | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | Washington | 9 | 100.0% | $16.7M |
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How lenders classify S.A.S. Petroleum
Lenders code each loan to a NAICS industry. For S.A.S. Petroleum the codes used were:
| # | Industry | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | Gasoline Stations with Convenience Stores | 8 | 88.9% | $11.7M | |
| 2 | Convenience Retailers | 1 | 11.1% | $5M |
Questions buyers ask
How much do buyers borrow to buy a business operating under a S.A.S. Petroleum brand or supply agreement?
The median SBA 7(a) loan for a S.A.S. Petroleum resale was $1,750,000 across 9 loans (FY2018 to FY2026). The middle half of loans ran from $1,080,000 to $2,147,500. 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 S.A.S. Petroleum acquisitions?
Readycap Lending, LLC has made the most SBA acquisition loans for S.A.S. Petroleum (2, 22% of the total). Gesa CU, Metro City Bank, Open Bank follow.
What interest rate and term do S.A.S. Petroleum acquisition loans carry?
The average initial rate at approval was 8.11% (a blend of fixed and variable loans across several rate environments, so treat it as context, not a quote). The median term was 25 years.
Is a S.A.S. Petroleum resale riskier than other SBA-financed acquisitions?
Too few S.A.S. Petroleum 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 S.A.S. Petroleum units being bought with SBA loans?
Washington (9). 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 Gasoline Stations with Convenience Stores acquisitions
- Washington acquisitions
- Readycap Lending, LLC
- Gesa CU
- Metro City Bank
- All franchise brands
Brand name as recorded by lenders in the SBA file: "S.A.S. Petroleum, Inc. (Marathon) Retail Sales Agreement" (franchise code S5912). Figures are aggregates of public SBA data and are not provided or endorsed by the brand owner or supplier.