Mercantile Capital Corporation sees rise in lending volume in August
Mercantile Capital Corporation, which ranks as one of the nation’s leading provider of U.S. Small Business Administration (SBA) 504 loans saw a big jump in commercial loan volume in August. Christopher G. Hurn, president of Mercantile Capital Corporation, said the firm closed on loans worth more than $12 million in August, up more than 212 percent over the same period last year.
Hurn said August loans included $4.5 million to acquire and renovate Best Western’s Sun Vista Hotel on International drive in Orlando and $1.1 million to acquire and renovate a dental office in Atlanta.
“We anticipate we will close on loans that total more than $90 million in 2009,” Hurn said.
SBA 504 loans offer 90 percent loan-to-cost financing at below-market rates for qualified small business owners who want to acquire or develop their own facilities.
For more information, visit www.504experts.com.
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