Mercantile Capital Corporation, one of the nationâ€™s leading providers of U.S. SBA 504 loans for small business owners who want to acquire their own facilities, closed 78 loans in the first 9 months of 2012 for $335.9 million in total project costs.
Online PR News – 26-October-2012 – Orlando, FL – Mercantile Capital Corporation, which ranks as one of the nationâ€™s leading providers of U.S. Small Business Administration (SBA) 504 loans for small business owners who want to acquire or develop their own facilities, closed 78 loans during the first nine months of this year for $335.9 million in total project costs.
Mercantile Capital Corporation could very well near the $400 million mark by the end of the year, said Chris Hurn, chief executive officer of Mercantile Capital.
Of the three loans closed in September by Mercantile for $17.9 million, two were for hotel projects â€” one to refinance a hotel in Miami worth $7.9 million in total project costs, and another to construct a Holiday Inn Express Peekskill, N.Y., worth $8.7 million in total project costs.
Two of the factors contributing to Mercantileâ€™s success this year â€” the companyâ€™s loan volume is up 178 percent over the same period in 2011 â€” have been the SBA 504 loan refinance and First Mortgage Lien Pooling (FMLP) programs, which expired on September 27, according to Hurn. â€śThe 504 refi and FMLP programs provided a real stimulus for small business owners wanting to purchase or construct their commercial real estate,â€ť Hurn said.
Hurn testified before small business committees of both the U.S. Senate and the U.S. House of Representatives earlier this year to push for the extension of these helpful programs. Though the extensions werenâ€™t granted, he hopes programs like these will be revisited following the upcoming elections. â€śThe SBA 504 loan program is historically one of the nationâ€™s best job creation tools, and Americaâ€™s small business owners need programs like the 504 refi and FMLP to continue driving our economic recovery,â€ť said Hurn.