ORLANDO, Fla. --- Mercantile Capital Corporation, which specializes in U.S. Small Business Administration (SBA) 504 loans to small business owners who want to acquire, develop, or refinance their own facilities, reports it closed nine commercial loans in April worth more than $38.8 million in total project costs. This brings their total this year to nearly $121 million — more than they closed in all of 2008 and 2009.
Chris Hurn, chief executive officer of Mercantile Capital, said the largest single loan was for the refinance of an assisted living facility in Kansas City, Mo., with a total project cost of $10.8 million. “We were able to help Robert Redman, owner of The Greens Healthcare, LLC, substantially lower his interest rate and monthly payment,” Hurn said. “Without the SBA 504 Refinance Program and the First Mortgage Lien Pooling (FMLP) Program, this loan would not have been possible.”
Mercantile Capital Corporation ranks as one of the nation’s largest providers of SBA 504 loans. Through April 30 of this year, Mercantile Capital has closed commercial loans worth more than $865.6 million in total project costs across 34 states plus Puerto Rico and the District of Columbia, while creating or retaining 5,936 jobs.