Buying a Which Wich franchise: SBA acquisition loan data
Since FY2018, SBA lenders have approved 12 7(a) loans to buy an existing Which Wich (classified mostly as Limited-Service Restaurants), totaling $4.3M. The median loan was $310,000, 52% lower than the $645,250 median for all SBA-financed acquisitions.
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 Which Wich resale loans landed between $228,525 and $372,875.
- Lender experience exists. Stearns Bank National Association alone has financed 4 Which Wich resales.
- Guaranty. The SBA guaranteed 78% of the dollars lent here.
- What the file leaves out. The SBA file does not record franchisor transfer terms or fees.
Financing a Which Wich resale
The median SBA 7(a) loan for a Which Wich resale was $310,000 across 12 loans (FY2018 to FY2026). Stearns Bank National Association, Live Oak Banking Company and The Huntington National Bank have financed the most Which Wich 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%.
Which Wich acquisition loans by year
| Fiscal year | Loans | Total approved | Median loan | |
|---|---|---|---|---|
| FY2018 | 4 | $1.2M | $276,350 | |
| FY2019 | 4 | $1.5M | $299,250 | |
| FY2020 | 2 | $565K | $282,250 | |
| FY2021 | 1 | $862K | $862,000 | |
| FY2022 | 0 | $0 | - | |
| FY2023 | 1 | $300K | $300,000 | |
| FY2024 | 0 | $0 | - | |
| FY2025 | 0 | $0 | - | |
| FY2026 | 0 | $0 | - |
How often do these acquisition loans fail?
Fewer than 20 Which Wich 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.
Submit Transaction DetailsAlex Lubyansky leads every engagement.
Lenders financing Which Wich resales
| # | Lender | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | Stearns Bank National Association | 4 | 33.3% | $992K | |
| 2 | Live Oak Banking Company | 2 | 16.7% | $1.2M | |
| 3 | The Huntington National Bank | 1 | 8.3% | $640K | |
| 4 | BayFirst National Bank | 1 | 8.3% | $407K | |
| 5 | Citizens Bank | 1 | 8.3% | $362K | |
| 6 | Manufacturers and Traders Trust Company | 1 | 8.3% | $343K | |
| 7 | Colonial Savings FA | 1 | 8.3% | $233K | |
| 8 | The Bancorp Bank National Association | 1 | 8.3% | $203K |
States where Which Wich units are bought
| # | State | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | Texas | 6 | 50.0% | $1.6M | |
| 2 | Virginia | 4 | 33.3% | $1.9M | |
| 3 | Wisconsin | 1 | 8.3% | $640K | |
| 4 | North Carolina | 1 | 8.3% | $203K |
The purchase agreement decides what you bought, not the loan approval.
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Questions buyers ask
How much do buyers borrow to buy a Which Wich franchise?
The median SBA 7(a) loan for a Which Wich resale was $310,000 across 12 loans (FY2018 to FY2026). The middle half of loans ran from $228,525 to $372,875. 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 Which Wich acquisitions?
Stearns Bank National Association has made the most SBA acquisition loans for Which Wich (4, 33% of the total). Live Oak Banking Company, The Huntington National Bank, BayFirst National Bank follow.
What interest rate and term do Which Wich acquisition loans carry?
The average initial rate at approval was 7.20% (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 Which Wich resale riskier than other SBA-financed acquisitions?
Too few Which Wich 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 Which Wich units being bought with SBA loans?
Texas (6), Virginia (4), Wisconsin (1), North Carolina (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.
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Related
- All Limited-Service Restaurants acquisitions
- Texas acquisitions
- Virginia acquisitions
- Wisconsin acquisitions
- Stearns Bank National Association
- Live Oak Banking Company
- The Huntington National Bank
- All franchise brands
Brand name as recorded by lenders in the SBA file: "Which Wich" (franchise code S1917). Figures are aggregates of public SBA data and are not provided or endorsed by the franchisor.