Altamonte Springs, FL, January 28, 2011 --(PR.com
)-- Mercantile Capital Corporation, a wholly owned subsidiary of Old Florida National Bank, which specializes in U.S. Small Business Administration 504 loans that assist small business owners acquiring or developing their own facilities, has announced the launch of a new website dedicated exclusively to SBA 504 interim loans.
Chris Hurn, chief executive officer of Mercantile Capital Corp., said www.SBA504InterimLender.com is designed to provide banks and non-bank lenders information on how SBA 504 interim loans are best used and how to best secure these loans.
"For instance, a bank may not want to do an SBA interim/bridge loan because of possible regulatory pressure, lending limits, or the fact that the property type doesn't meet their loan policy guidelines," Hurn said. "Or perhaps they'd rather not do construction/renovations for a particular 504 loan. In these cases, we can provide the interim loan and help get the loan done for both the lender and the small business," he added.
Additionally, www.SBA504InterimLender.com is helpful for Certified Development Companies (CDCs), which are certified by the SBA to provide the government-guaranteed second mortgage/trust deed position for SBA 504 loans. "When a CDC originates an SBA 504 loan, we can commit to providing the interim loan which will expedite securing a first mortgage lender for them," Hurn said.
Mercantile Capital Corp. finished 2010 with loan volume 80 percent above its 2009 volume, and expects a substantial increase in 2011. Nearly $141 million of SBA 504 loans were originated by Mercantile Capital Corp. in 2010 in 13 states.
Visit www.SBA504InterimLender.com; www.504Experts.com; and www.504Blog.com.