The Holiday Inn is a four-story, 111 room hotel, also equipped with six meeting rooms. It is located in the International Center near the Salt Lake City International Airport and has been in operation since mid-2007.
“Mercantile was great to work with,” said owner, Gary Patel, “And they delivered the result that we were after.”
In the last eight months, Mercantile has financed nine hotels for over $66.7 million in total project costs. Two of those nine loans were closed in the month of March, pushing MCC’s first quarter loan volume to the highest in the company’s nine-year history.
“We’ve recorded a 68.4 percent increase over this time last year,” said CEO, Chris Hurn. “And we expect a brisk pace for the remainder of this calendar year.”
The SBA 504 loan program helps owners of small to mid-sized businesses, like Sunshine Hospitality Group, LLC, have an opportunity to create wealth and financial freedom. These loans allow borrowers to own their commercial property with the highest cash-on-cash return financing available, without tying up their precious capital, so they can grow even faster.
For more information, visit http://www.504Experts.com and http://www.504Blog.com.