Coin-Operated Laundries and Drycleaners acquisitions in New York: SBA loan data
Since FY2018, SBA lenders have approved 16 7(a) loans to buy an existing business classified as Coin-Operated Laundries and Drycleaners in New York, totaling $17.5M. The median loan was $762,500. That is 1.0% of the 1,530 acquisition loans in New York.
Seller note standby terms and third-party consents are reviewed before closing.
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How this compares
The median Coin-Operated Laundries and Drycleaners loan in New York is 32% higher than the $577,500 median for all New York acquisitions, and 50% higher than the $509,000 median for Coin-Operated Laundries and Drycleaners acquisitions nationwide (317 loans).
This combination has too few seasoned loans for a reliable charge-off rate. Nationally, 4.3% of seasoned Coin-Operated Laundries and Drycleaners acquisition loans were charged off, and 2.7% of seasoned New York acquisition loans of any type.
Coin-Operated Laundries and Drycleaners acquisition loans in New York by year
| Fiscal year | Loans | Total approved | Median loan | |
|---|---|---|---|---|
| FY2018 | 1 | $405K | $405,000 | |
| FY2019 | 3 | $2.4M | $350,000 | |
| FY2020 | 0 | $0 | - | |
| FY2021 | 1 | $800K | $800,000 | |
| FY2022 | 1 | $635K | $635,000 | |
| FY2023 | 3 | $4.4M | $1,317,500 | |
| FY2024 | 0 | $0 | - | |
| FY2025 | 3 | $3.9M | $500,000 | |
| FY2026 | 4 | $5M | $1,102,000 |
How often do these acquisition loans fail?
Fewer than 20 Coin-Operated Laundries and Drycleaners in New York 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.
Top lenders
| # | Lender | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | New Millennium Bank | 6 | 37.5% | $9.3M | |
| 2 | Metro City Bank | 2 | 12.5% | $3.3M | |
| 3 | NewBank | 2 | 12.5% | $1.3M | |
| 4 | Cathay Bank | 1 | 6.3% | $1.1M | |
| 5 | First National Bank of Pennsylvania | 1 | 6.3% | $725K |
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 Coin-Operated Laundries and Drycleaners acquisitions in New York run?
The median SBA 7(a) loan was $762,500 across 16 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 Coin-Operated Laundries and Drycleaners acquisitions in New York?
New Millennium Bank (6), Metro City Bank (2), NewBank (2), Cathay Bank (1), First National Bank of Pennsylvania (1).
How often do Coin-Operated Laundries and Drycleaners acquisition loans fail in New York?
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 Coin-Operated Laundries and Drycleaners acquisitions in New York?
None of the 16 loans in this combination were recorded with a franchise brand.
Seller note standby terms and third-party consents are reviewed before closing.
Submit Transaction DetailsAlex Lubyansky leads every engagement.
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Related
- All New York acquisitions
- Financing one? How to get an SBA loan to buy a laundromat
- Coin-Operated Laundries and Drycleaners nationally
- Coin-Operated Laundries and Drycleaners in California
- Coin-Operated Laundries and Drycleaners in Texas
- Coin-Operated Laundries and Drycleaners in Illinois
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Small samples move a lot: each loan in this combination is 6% of the count. Industry is the NAICS code the lender recorded. See the methodology.