Orlando, FL, December 21, 2011 --(PR.com
)-- \Mercantile Capital Corporation, which ranks as one of the nation’s leading providers of interim financing for 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 Landerhaven Hotel Venture, LLC, dba Staybridge Suites-Mayfield Heights, OH, as part of a consortium of lenders providing a total of $9.3 million in loan proceeds for the purpose of refinancing. Mercantile’s participation was for just over $3.1 million.
Staybridge Suites is the extended-stay lodging brand of InterContinental Hotels Group. Designed for travelers staying more than five nights, these guests consist largely of those involved in training, research, continuing education, auditing, litigation support, and relocation.
Kenneth M. Lapine and Michael R. Sekerak, principals of Landerhaven Hotel Venture, LLC, said that after trying for several years to obtain financing to take out their construction lender, “Mercantile Capital and our team of lenders from the Middlefield Banking Company, Growth Capital Corp. and the SBA worked together smoothly and effectively to get this challenging refinance project to the finish line.”
A new development has made it possible to use SBA 504 loans (aka SmartChoice® Commercial Loans) to refinance commercial debt. Business owners can now lock in below-market, long-term fixed interest rates associated with SmartChoice® Commercial Loans, and even use the proceeds for eligible business expenses (working capital). This program is temporary, however, and will end September 27, 2012. Details for eligibility can be found at www.SBA504LoanRefi.com.
For more information, visit http://www.SBA504LoanRefi.com and http://www.504Experts.com