Altamonte Springs, FL, November 17, 2010 --(PR.com
)-- Mercantile Capital Corporation, a wholly owned subsidiary of Old Florida National Bank, reported it closed six commercial loans in Florida, California and Connecticut in October valued at more than $20.3 million.
Christopher Hurn, chief executive officer of Mercantile Capital Corp., said the largest single loan during October financed the $9.5 million acquisition of the Chavez Supermarket in San Jose, California.
Mercantile Capital Corporation specializes in U.S. Small Business Administration 504 loans for small business owners who want to acquire or develop their own facilities.
Hurn projects that Mercantile Capital will close a total of 55 commercial loans to finance projects valued at more than $140 million for 2010, a record for the seven-year-old company.
“Our October loan volume represents a healthy increase over the two previous months and based on the loan applications that are in the pipeline now, we should see record loan volume throughout the end of the year,” Hurn said.
Mercantile has already closed 40 loans for $93.8 million year-to-date, a 20 percent increase in funded volume over all of 2009.