Mercantile Commercial Capital, LLC Reports it closed Four Commercial Loans in July that Total more than $7.6 Million
Altamonte Springs, Fla. – August 19, 2008 – Mercantile Commercial Capital, LLC, which specializes in U.S. Small Business Administration (SBA) 504 loans for small business owners who want to acquire or develop their own facilities, reported it closed four commercial loans in July valued at $7,620,300.
Christopher Hurn, president and chief executive officer of Mercantile Commercial Capital, said SBA 504 commercial property loans rank as an increasingly important capital resource for new job creation.
“For small business owners, the mortgage lending crisis is a particularly onerous obstacle,” Hurn said. “SBA 504 lending offers small businesses favorable interest rates on loans that can cover 90 percent of total project costs when the capitalization results in new jobs and business expansion,” Hurn said.
Since its start in 2003, Mercantile Commercial Capital has ranked as one of the leading SBA-504 providers in the nation.
In July, the firm negotiated the following transactions:
• $601,200 to Bundles of Joy Learning Center of Champaign, Inc., to provide 90 percent financing for the acquisition and renovation of a stand-alone 5,690 square foot daycare facility in Champaign, Ill., with a 25 year fully-amortizing term and permanent fixed interest rate;
• $405,000 to First Impressions Carpet Cleaning of Winter Garden to provide 90 percent financing to acquire and renovate a Winter Garden, Fla. office condominium with a 25-year, fully-amortizing term and a below-market 10-year fixed interest rate;
• $5,508,900 to M.C. Miller Co., Inc., to provide 90 percent financing to acquire and renovate a stand-alone 41,413 square foot office-warehouse facility in Sebastian, Fla. with a 25-year, fully-amortizing term and below-market, five-year fixed interest rate;
• $1,105,200 to North American Crane Bureau Group, Inc., to provide 90 percent financing to acquire a 6,000 square foot office condominium in Lake Mary, Fla. with a 25-year, fully-amortizing term and below-market 10-year fixed interest rate.
For more information please contact
Chris Hurn, Mercantile Commercial Capital, LLC 407-786-5040Robin Lashley, Mercantile Commercial Capital, LLC 407-786-5040Larry Vershel or Beth Payan, LV Communications, 407-644-4142