Altamonte Springs, FL, August 25, 2011 --(PR.com
)-- Mercantile Capital Corporation, in Altamonte Springs, recently closed the largest single commercial loan in the company’s eight year history to finance improvements valued at more than $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’s chief executive officer, added that these five loans account for 136 jobs created or retained.
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.