ALTAMONTE SPRINGS, Fla. --- Mercantile Capital Corporation, a wholly-owned subsidiary of Old Florida National Bank, reported it closed on seven commercial loans to finance projects that total $15.2 million in January.
Mercantile Capital Corporation specializes in U.S. Small Business Administration (SBA) 504 loans for small business owners who want to acquire or develop their own facilities.
Christopher Hurn, chief executive officer of Mercantile Capital Corporation, said the firm's loan volume in January is up more than 31 percent over the same period last year.
"We are seeing a substantial increase in lending opportunities in markets all across the country," Hurn said. "Entrepreneurs perceive property values at historic lows, interest rates at historic lows and an overall economic picture that is turning optimistic,"
Hurn said pent-up demand for commercial property development and acquisitions have resulted in a record volume of loan applications.
"We anticipate that February's loan volume will show even better growth than January," Hurn said.
In 2010, Mercantile funded a record-setting $140.6 million in SBA 504 loan projects in 13 states.
