Seacoast National Bank: SBA business acquisition lending record
Seacoast National Bank (home state FL) approved 96 SBA 7(a) loans to buy existing businesses since FY2018, totaling $104M. The median loan was $755,500. It ranks number 103 of 280 lenders by count and made 0.2% of all SBA acquisition loans nationally.
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What this tells a borrower
- Deal size it funds. Half of its acquisition loans fell between $314,250 and $1,401,875. If your deal sits well outside that band, this lender may be less practiced at it.
- Geographic reach. Florida is the largest state (75% of loans). Loans appear in at least 15 states, which points to a national lender.
- Industry concentration. Limited-Service Restaurants is 9% of its acquisition loans. The mix is spread across several industries.
- Overall 7(a) volume. 375 SBA 7(a) loans of any purpose since FY2020, totaling $308M. 83% of its acquisition loans were processed under the Preferred Lenders Program.
- Franchise share. 16% of its acquisition loans involved a franchise brand, against 18% for all lenders.
- Seasoned performance. Of its loans from FY2018 to FY2021: 8.7% charged off, 147% higher than the 3.5% national average.
Seacoast National Bank acquisition loans by year
| Fiscal year | Loans | Total approved | Median loan | |
|---|---|---|---|---|
| FY2018 | 21 | $16.5M | $500,000 | |
| FY2019 | 13 | $13.6M | $560,000 | |
| FY2020 | 8 | $4.7M | $250,000 | |
| FY2021 | 4 | $7.9M | $1,320,150 | |
| FY2022 | 11 | $6.3M | $400,000 | |
| FY2023 | 7 | $6M | $500,000 | |
| FY2024 | 15 | $21.9M | $1,050,000 | |
| FY2025 | 10 | $12.4M | $1,080,500 | |
| FY2026 | 7 | $15M | $1,350,000 |
How often do these acquisition loans fail?
Of the 46 Seacoast National Bank acquisition loans approved from FY2018 to FY2021 (the seasoned cohort, every loan at least about five years old), 4 have been charged off by the SBA, a rate of 8.7% by loan count and 4.7% by dollars. 23 have already been paid in full.
For comparison, the charge-off rate across all SBA 7(a) acquisition loans in the same cohort is 3.5%, so Seacoast National Bank is 147% higher than the acquisition-loan average. 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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States served
| # | State | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | Florida | 72 | 75.0% | $60.1M | |
| 2 | Massachusetts | 4 | 4.2% | $4.7M | |
| 3 | Virginia | 2 | 2.1% | $6.5M | |
| 4 | New York | 2 | 2.1% | $5M | |
| 5 | Oklahoma | 2 | 2.1% | $4.1M | |
| 6 | California | 2 | 2.1% | $1.6M | |
| 7 | Arizona | 1 | 1.0% | $4.5M | |
| 8 | Washington | 1 | 1.0% | $3.1M | |
| 9 | Oregon | 1 | 1.0% | $2.8M | |
| 10 | Puerto Rico | 1 | 1.0% | $2.5M | |
| 11 | Louisiana | 1 | 1.0% | $2.4M | |
| 12 | Tennessee | 1 | 1.0% | $1.2M | |
| 13 | Utah | 1 | 1.0% | $1.2M | |
| 14 | South Carolina | 1 | 1.0% | $1.1M | |
| 15 | New Jersey | 1 | 1.0% | $1.1M |
Industries financed
| # | Industry | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | Limited-Service Restaurants | 9 | 9.4% | $8M | |
| 2 | General Automotive Repair | 7 | 7.3% | $10.3M | |
| 3 | Full-Service Restaurants | 5 | 5.2% | $3.5M | |
| 4 | Child Care Services | 4 | 4.2% | $7.5M | |
| 5 | Janitorial Services | 3 | 3.1% | $6.3M | |
| 6 | Veterinary Services | 3 | 3.1% | $4.2M | |
| 7 | All Other Specialty Food Retailers | 3 | 3.1% | $3.2M | |
| 8 | Offices of Certified Public Accountants | 3 | 3.1% | $2.5M | |
| 9 | Insurance Agencies and Brokerages | 2 | 2.1% | $3.2M | |
| 10 | Engineering Services | 2 | 2.1% | $2.9M |
Seller note standby terms and third-party consents are reviewed before closing.
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Franchise brands financed
| # | Franchise | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | Domino's Pizza | 7 | 7.3% | $5.9M | |
| 2 | The Goddard School | 2 | 2.1% | $6.2M | |
| 3 | Servpro | 1 | 1.0% | $3.5M | |
| 4 | Zaxby's | 1 | 1.0% | $1.2M | |
| 5 | IHOP | 1 | 1.0% | $1.1M | |
| 6 | Edible Arrangements | 1 | 1.0% | $233K |
Questions buyers ask
Does Seacoast National Bank make SBA acquisition loans?
Yes. Seacoast National Bank approved 96 SBA 7(a) loans to buy existing businesses from FY2018 to FY2026, ranking number 103 of 280 lenders with 25 or more such loans. The SBA file shows past approvals only; it cannot tell you whether the lender will approve a particular buyer or deal.
How large are Seacoast National Bank's acquisition loans?
The median was $755,500, with the middle half between $314,250 and $1,401,875. The national median is $645,250, so this lender's typical loan is 17% higher than the national figure.
Which states does Seacoast National Bank lend in?
Florida (72), Massachusetts (4), Virginia (2), New York (2), Oklahoma (2), California (2). Its loans span at least 15 states.
Which industries does Seacoast National Bank finance?
Limited-Service Restaurants (9), General Automotive Repair (7), Full-Service Restaurants (5), Child Care Services (4), Janitorial Services (3). The top industry is 9% of its acquisition loans.
How have Seacoast National Bank's acquisition loans performed?
Of 46 loans approved FY2018 to FY2021: 8.7% charged off, 147% higher than the 3.5% national acquisition average. Charge-offs reflect the borrowers and industries a lender serves as well as its underwriting.
Seller note standby terms and third-party consents are reviewed before closing.
Submit Transaction DetailsAlex Lubyansky leads every engagement.
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Related
- Florida acquisitions
- Massachusetts acquisitions
- Virginia acquisitions
- Limited-Service Restaurants
- General Automotive Repair
- Full-Service Restaurants
- All lenders
Figures are aggregates of public SBA data. This page is not provided or endorsed by Seacoast National Bank.