Mercantile Capital Corporation Projects Closing Loans for a Record $140 Mil Total Project Costs

Mercantile Capital Corporation, the seven- year-old Altamonte Springs firm that specializes in U.S. Small Business Administration (SBA) 504 loans for small businesses, expects to finance a total of more than $140 million in total projects in 2010.
By: Chris Hurn
 
Sept. 24, 2010 - PRLog -- ALTAMONTE SPRINGS, Fla. --- Mercantile Capital Corporation, the seven- year-old Altamonte Springs firm that specializes in U.S. Small Business Administration (SBA) 504 loans for small businesses, expects to finance a total of more than $140 million in total projects in 2010.

Christopher Hurn, chief executive officer of Mercantile Capital Corporation said the firm has closed more than $88 million in total projects since January.

“Our loan volume has grown dramatically this year,” Hurn said. During the first eight months of 2009, Mercantile Capital Corporation only closed on loans to finance projects valued at approximately $36 million.  Hurn said the firm will close on “our largest loan ever” later this month to finance a $9.3 million project for a New York City clothing retailer’s Broadway facilities.

“The substantial growth of our SBA 504 commercial loan volume is a reflection of our national marketing efforts and the lack of small business financing from banks and traditional commercial lenders,” Hurn explained. “We can offer small business owners the best terms on the market at a time when traditional lenders have significantly reduced their small business lending,” he said.

In late August, Mercantile announced its merger with Old Florida National Bank headquartered in downtown Orlando.

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Mercantile Capital Corporation ranks as one of the most active providers of SBA 504 loans nationwide, providing owners of small and mid-sized businesses the option to own commercial property with up to 90 percent loan-to-cost financing. Visit www.504Experts.com or www.504blog.com for more information.
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