Offices of Lawyers acquisitions in Washington: SBA loan data
Since FY2018, SBA lenders have approved 17 7(a) loans to buy an existing business classified as Offices of Lawyers in Washington, totaling $9.4M. The median loan was $350,000. That is 0.8% of the 2,006 acquisition loans in Washington.
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How this compares
The median Offices of Lawyers loan in Washington is 48% lower than the $675,000 median for all Washington acquisitions, and 28% lower than the $487,500 median for Offices of Lawyers acquisitions nationwide (96 loans).
This combination has too few seasoned loans for a reliable charge-off rate. Nationally, 6.5% of seasoned Offices of Lawyers acquisition loans were charged off, and 3.4% of seasoned Washington acquisition loans of any type.
Offices of Lawyers acquisition loans in Washington by year
| Fiscal year | Loans | Total approved | Median loan | |
|---|---|---|---|---|
| FY2018 | 4 | $1.8M | $310,600 | |
| FY2019 | 3 | $656K | $216,000 | |
| FY2020 | 4 | $2.2M | $484,000 | |
| FY2021 | 5 | $4.3M | $979,000 | |
| FY2022 | 0 | $0 | - | |
| FY2023 | 0 | $0 | - | |
| FY2024 | 0 | $0 | - | |
| FY2025 | 0 | $0 | - | |
| FY2026 | 1 | $454K | $454,000 |
How often do these acquisition loans fail?
Fewer than 20 Offices of Lawyers in Washington 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.
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Top lenders
| # | Lender | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | Heritage Bank | 10 | 58.8% | $6.6M | |
| 2 | KeyBank National Association | 4 | 23.5% | $1.8M | |
| 3 | Harborstone CU | 2 | 11.8% | $730K | |
| 4 | First-Citizens Bank & Trust Company | 1 | 5.9% | $345K |
Top franchise brands
No franchise brands recorded in this combination.
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Questions buyers ask
How much do SBA loans for Offices of Lawyers acquisitions in Washington run?
The median SBA 7(a) loan was $350,000 across 17 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 Offices of Lawyers acquisitions in Washington?
Heritage Bank (10), KeyBank National Association (4), Harborstone CU (2), First-Citizens Bank & Trust Company (1).
How often do Offices of Lawyers acquisition loans fail in Washington?
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 Offices of Lawyers acquisitions in Washington?
None of the 17 loans in this combination were recorded with a franchise brand.
Terms signed in the LOI shape the purchase agreement that follows.
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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.