Altamonte Springs, FL, October 05, 2011 --(PR.com
)-- Mercantile Capital Corporation, which ranks as one of the nation’s leading providers of U.S. Small Business Administration (SBA) 504 loans for small business owners who want to acquire or develop their own facilities, closed a commercial loan for 3AM, LLC dba Country Inn and Suites recently for $6,696,000 in total project costs. MBA Capital Funding sourced the debt structure and worked through all facets of the financing on behalf of the borrower with the SBA, CDC and Mercantile to complete this financing transaction.
The purpose of this loan was to refinance the existing 69-room, limited service 3-story interior corridor Country Inn and Suites. Hotel ammenities include microwave ovens, refrigerators, free high-speed internet access, indoor pool, fitness center and complimentary breakfast.
“Mercantile worked very hard to make this refinance happen,” said owner, Kiranbhai Patel. “It was a complex loan structure and large refinance amount. At a time when hotel financing is challenging for borrowers, I am very glad that Mercantile was able to help me to payoff my original loan that was already matured and on a short-term extension.”
The SmartChoice Commercial Loan Program helps owners of small to mid-sized businesses, like Country Inn and Suites, have an opportunity to create wealth and financial freedom. Their specialization in SmartChoice Commercial Loans, also known as SBA 504 loans, allows borrowers, like Kiranbhai & Manjula Patel, to own their commercial property with the highest cash-on-cash return financing available, without tying up their precious capital, so they can grow even faster.
For more information, visit www.TheSmartChoiceLoan.com and www.504Blog.com.
Chris Hurn, Mercantile Capital Corporation, 407-786-5040
Robin Lashley, Mercantile Capital Corporation, 407-786-5040