Drycleaning and Laundry Services acquisitions in Texas: SBA loan data
Since FY2018, SBA lenders have approved 58 7(a) loans to buy an existing business classified as Drycleaning and Laundry Services in Texas, totaling $59.8M. The median loan was $592,500. That is 1.4% of the 4,080 acquisition loans in Texas.
Seller note standby terms and third-party consents are reviewed before closing.
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How this compares
The median Drycleaning and Laundry Services loan in Texas is 32% lower than the $870,000 median for all Texas acquisitions, and 58% higher than the $374,000 median for Drycleaning and Laundry Services acquisitions nationwide (368 loans).
On losses, 8.0% of seasoned Drycleaning and Laundry Services loans in Texas were charged off, 67% higher than the 4.8% rate for all Texas acquisitions, and in line with the 8.3% rate for the industry nationally.
Drycleaning and Laundry Services acquisition loans in Texas by year
| Fiscal year | Loans | Total approved | Median loan | |
|---|---|---|---|---|
| FY2018 | 5 | $7M | $1,649,000 | |
| FY2019 | 14 | $12.2M | $625,000 | |
| FY2020 | 4 | $2.6M | $480,500 | |
| FY2021 | 2 | $1.5M | $766,750 | |
| FY2022 | 5 | $3.4M | $585,000 | |
| FY2023 | 5 | $8.2M | $1,304,000 | |
| FY2024 | 6 | $6.4M | $358,000 | |
| FY2025 | 10 | $7.4M | $467,500 | |
| FY2026 | 7 | $11.2M | $1,057,000 |
How often do these acquisition loans fail?
Of the 25 Drycleaning and Laundry Services in Texas acquisition loans approved from FY2018 to FY2021 (the seasoned cohort, every loan at least about five years old), 2 have been charged off by the SBA, a rate of 8.0% by loan count and 2.4% by dollars. 11 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 Drycleaning and Laundry Services in Texas is 127% 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.
Submit Transaction DetailsAlex Lubyansky leads every engagement.
Top lenders
| # | Lender | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | Prosperity Bank | 7 | 12.1% | $6.6M | |
| 2 | Hanmi Bank | 6 | 10.3% | $7M | |
| 3 | Bank of Hope | 5 | 8.6% | $786K | |
| 4 | Lendistry SBLC, LLC | 4 | 6.9% | $6.8M | |
| 5 | T Bank, National Association | 3 | 5.2% | $4.7M |
Top franchise brands
| # | Franchise | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | Martinizing Cleaners | 4 | 6.9% | $2.5M |
Seller note standby terms and third-party consents are reviewed before closing.
Submit Transaction DetailsSBA-financed deals. All 50 states.
Questions buyers ask
How much do SBA loans for Drycleaning and Laundry Services acquisitions in Texas run?
The median SBA 7(a) loan was $592,500 across 58 loans (FY2018 to FY2026), with the middle half between $374,750 and $1,626,150. 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 Drycleaning and Laundry Services acquisitions in Texas?
Prosperity Bank (7), Hanmi Bank (6), Bank of Hope (5), Lendistry SBLC, LLC (4), T Bank, National Association (3). Some lenders repeatedly finance this industry in this state; the counts above show which.
How often do Drycleaning and Laundry Services acquisition loans fail in Texas?
8.0% of 25 seasoned loans (FY2018 to FY2021) were charged off, against 3.5% for all SBA acquisition loans. With a sample this size, treat the figure as a direction, not a precise rate.
Are franchised businesses part of Drycleaning and Laundry Services acquisitions in Texas?
7 of the 58 loans (12%) involved a franchise brand, most often Martinizing Cleaners (4).
Terms signed in the LOI shape the purchase agreement that follows.
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Related
- All Texas acquisitions
- Drycleaning and Laundry Services nationally
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- Drycleaning and Laundry Services in Georgia
- Drycleaning and Laundry Services in Illinois
- Drycleaning and Laundry Services in Pennsylvania
- Drycleaning and Laundry Services in New Jersey
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Small samples move a lot: each loan in this combination is 2% of the count. Industry is the NAICS code the lender recorded. See the methodology.