Car Washes acquisitions in Maryland: SBA loan data
Since FY2018, SBA lenders have approved 10 7(a) loans to buy an existing business classified as Car Washes in Maryland, totaling $23M. The median loan was $2,277,500. That is 1.5% of the 679 acquisition loans in Maryland.
The purchase agreement decides what you bought, not the loan approval.
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How this compares
The median Car Washes loan in Maryland is 249% higher than the $653,000 median for all Maryland acquisitions, and 72% higher than the $1,324,100 median for Car Washes acquisitions nationwide (406 loans).
This combination has too few seasoned loans for a reliable charge-off rate. Nationally, 0.9% of seasoned Car Washes acquisition loans were charged off, and 5.4% of seasoned Maryland acquisition loans of any type.
Car Washes acquisition loans in Maryland by year
| Fiscal year | Loans | Total approved | Median loan | |
|---|---|---|---|---|
| FY2018 | 0 | $0 | - | |
| FY2019 | 1 | $1.7M | $1,682,300 | |
| FY2020 | 1 | $2.5M | $2,460,000 | |
| FY2021 | 3 | $5.4M | $2,095,000 | |
| FY2022 | 0 | $0 | - | |
| FY2023 | 0 | $0 | - | |
| FY2024 | 0 | $0 | - | |
| FY2025 | 1 | $3.2M | $3,220,000 | |
| FY2026 | 4 | $10.3M | $2,322,500 |
How often do these acquisition loans fail?
Fewer than 20 Car Washes in Maryland 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.
The purchase agreement decides what you bought, not the loan approval.
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Top lenders
| # | Lender | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | Hanmi Bank | 5 | 50.0% | $14.1M | |
| 2 | Wilmington Savings Fund Society FSB | 2 | 20.0% | $3.3M | |
| 3 | Gulf Coast Bank and Trust Company | 1 | 10.0% | $2.1M | |
| 4 | Stone Bank | 1 | 10.0% | $1.8M | |
| 5 | Truist Bank | 1 | 10.0% | $1.7M |
Top franchise brands
No franchise brands recorded in this combination.
Terms signed in the LOI shape the purchase agreement that follows.
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Questions buyers ask
How much do SBA loans for Car Washes acquisitions in Maryland run?
The median SBA 7(a) loan was $2,277,500 across 10 loans (FY2018 to FY2026). 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 Car Washes acquisitions in Maryland?
Hanmi Bank (5), Wilmington Savings Fund Society FSB (2), Gulf Coast Bank and Trust Company (1), Stone Bank (1), Truist Bank (1).
How often do Car Washes acquisition loans fail in Maryland?
Fewer than 20 loans in this combination are old enough to measure losses reliably, so no rate is shown. The national benchmark for all SBA acquisition loans is 3.5% (FY2018 to FY2021 cohort).
Are franchised businesses part of Car Washes acquisitions in Maryland?
None of the 10 loans in this combination were recorded with a franchise brand.
Terms signed in the LOI shape the purchase agreement that follows.
Request Engagement AssessmentAlex Lubyansky leads every engagement.
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Related
- All Maryland acquisitions
- Financing one? How to get an SBA loan to buy a car wash
- Car Washes nationally
- Car Washes in Texas
- Car Washes in California
- Car Washes in Georgia
- Car Washes in Michigan
- Car Washes in Colorado
- Car Washes in Missouri
- Car Washes in New Jersey
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- Limited-Service Restaurants in Maryland
- General Automotive Repair in Maryland
- Hotels and Motels in Maryland
- Home Health Care Services in Maryland
- Child Care Services in Maryland
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Small samples move a lot: each loan in this combination is 10% of the count. Industry is the NAICS code the lender recorded. See the methodology.