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Follow on Google News | Mercantile Capital Corporation Closes $11.2 Million Commercial Loan, Largest in Company HistoryMercantile Capital Corp. recently closed the largest single commercial loan in the company’s 8 year history to finance improvements valued at over $11.2 million at the Sanford Auto Dealers Exchange, located on Martin Luther King Blvd. in Sanford.
Geof Longstaff, chairman at Mercantile Capital Corporation, said their U.S. Small Business Administration (SBA) 504 loan financed 85 percent of the construction costs to improve the Sanford Auto Dealers Exchange’s auto storage facilities at below-market, long-term fixed interest rates. Altogether, Mercantile Capital Corporation (a wholly owned subsidiary of Old Florida National Bank) closed on five SBA 504 loans in July to finance projects valued at $20.2 million in Florida, Texas and California. Chris Hurn, Mercantile Capital Corporation’ Mercantile Capital Corporation ranks as one of the largest providers of SBA 504 commercial property loans in the U.S. The SBA 504 loan program finances small business owners who want to acquire, develop or improve their own facilities. More information can be found at www.504experts.com and www.504blog.com. # # # 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. End
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