Financing a Fitness Together franchise

Financing a Fitness Together: common questions

How much do lenders finance for a Fitness Together franchise?

The median SBA loan approved for a Fitness Together franchise is $100,000, with the middle 80% of loans between $20,000 and $300,000. That is the financed portion only - it excludes the buyer's equity injection, which SBA lenders typically require at 10% or more of total project cost for a business acquisition or new franchise unit.

Which lenders finance Fitness Together franchises?

By dollars approved, the most active SBA lenders for Fitness Together have been Eastern Bank, Lake Forest Bank & Trust Company, Wells Fargo Bank, Truist Bank. Many franchise brands also maintain their own lists of preferred lenders, which may differ from who has historically approved the most volume.

How long are Fitness Together SBA loans?

The median term is 7 yr. SBA 7(a) terms run up to 10 years for working capital and equipment, and up to 25 years when the loan is secured by real estate - so a longer median usually means the loans included property.

Do Fitness Together SBA loans get charged off often?

15.1% of Fitness Together loans approved between FY2010 and FY2019 that have reached a terminal status were charged off, against 7.6% across all SBA lending. Franchise-level charge-off rates reflect the era a brand expanded in as much as the concept itself - brands that grew hardest into the 2010s carry more seasoned, and more resolved, loans.