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.