Buying a Waxing the City franchise: SBA acquisition loan data
Since FY2018, SBA lenders have approved 5 7(a) loans to buy an existing Waxing the City (classified mostly as Other Personal Care Services), totaling $3.4M. The median loan was $585,000, 9% lower than the $645,250 median for all SBA-financed acquisitions. 3 of these loans were approved in the last two fiscal years.
The purchase agreement decides what you bought, not the loan approval.
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What this tells a buyer
- Price range to expect. Loan size tracks purchase price. Half of Waxing the City resale loans landed between $455,000 and $967,000.
- Lender experience exists. Live Oak Banking Company alone has financed 2 Waxing the City resales.
- Guaranty. The SBA guaranteed 77% of the dollars lent here.
- What the file leaves out. The SBA file does not record franchisor transfer terms or fees.
Financing a Waxing the City resale
The median SBA 7(a) loan for a Waxing the City resale was $585,000 across 5 loans (FY2018 to FY2026). Live Oak Banking Company, Platinum Bank and First Merchants Bank have financed the most Waxing the City 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%.
Waxing the City acquisition loans by year
| Fiscal year | Loans | Total approved | Median loan | |
|---|---|---|---|---|
| FY2018 | 0 | $0 | - | |
| FY2019 | 0 | $0 | - | |
| FY2020 | 0 | $0 | - | |
| FY2021 | 1 | $455K | $455,000 | |
| FY2022 | 1 | $320K | $320,100 | |
| FY2023 | 0 | $0 | - | |
| FY2024 | 0 | $0 | - | |
| FY2025 | 1 | $967K | $967,000 | |
| FY2026 | 2 | $1.7M | $830,000 |
How often do these acquisition loans fail?
Fewer than 20 Waxing the City 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.
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Lenders financing Waxing the City resales
| # | Lender | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | Live Oak Banking Company | 2 | 40.0% | $1.7M | |
| 2 | Platinum Bank | 1 | 20.0% | $967K | |
| 3 | First Merchants Bank | 1 | 20.0% | $455K | |
| 4 | QNB Bank | 1 | 20.0% | $320K |
States where Waxing the City units are bought
| # | State | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | North Dakota | 2 | 40.0% | $1.4M | |
| 2 | Alabama | 1 | 20.0% | $1.1M | |
| 3 | Louisiana | 1 | 20.0% | $585K | |
| 4 | Pennsylvania | 1 | 20.0% | $320K |
Seller note standby terms and third-party consents are reviewed before closing.
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How lenders classify Waxing the City
Lenders code each loan to a NAICS industry. For Waxing the City the codes used were:
| # | Industry | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | Other Personal Care Services | 4 | 80.0% | $2.9M | |
| 2 | Beauty Salons | 1 | 20.0% | $455K |
Questions buyers ask
How much do buyers borrow to buy a Waxing the City franchise?
The median SBA 7(a) loan for a Waxing the City resale was $585,000 across 5 loans (FY2018 to FY2026). The middle half of loans ran from $455,000 to $967,000. 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 Waxing the City acquisitions?
Live Oak Banking Company has made the most SBA acquisition loans for Waxing the City (2, 40% of the total). Platinum Bank, First Merchants Bank, QNB Bank follow.
What interest rate and term do Waxing the City acquisition loans carry?
The average initial rate at approval was 7.85% (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 Waxing the City resale riskier than other SBA-financed acquisitions?
Too few Waxing the City 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 Waxing the City units being bought with SBA loans?
North Dakota (2), Alabama (1), Louisiana (1), Pennsylvania (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 Other Personal Care Services acquisitions
- North Dakota acquisitions
- Alabama acquisitions
- Louisiana acquisitions
- Live Oak Banking Company
- Platinum Bank
- First Merchants Bank
- All franchise brands
Brand name as recorded by lenders in the SBA file: "Waxing the City" (franchise code S1905). Figures are aggregates of public SBA data and are not provided or endorsed by the franchisor.