Mercantile Capital Corporation Closed 10 Commercial Loans in July to Finance Projects Worth More Than $70.5 Million
Mercantile Capital Corporation, which specializes in U.S. Small Business Administration (SBA) 504 loans for small business owners who want to acquire or develop their own facilities, reported it closed 10 commercial loans in July to finance projects valued at more than $70.5 million. This total tops the company’s previous record for monthly loan volume, set in June.
Christopher G. Hurn, founder and CEO of Mercantile Capital Corporation, said the largest single loan in July was for the refinancing of a Hampton Inn & Suites in downtown Stamford, Conn., with a total project cost of $12.4 million.
In 2011, Mercantile Capital Corporation closed on loans that financed projects valued at more than $174.4 million. Since Jan. 1, 2012, Mercantile Capital Corporation has financed transactions worth more than $291.3 million in total project costs.
Hurn said he projects Mercantile Capital Corporation will provide financing for projects that total more than $400 million in 2012 — a 129 percent increase over 2011 volume.
For more information, visit www.504Experts.com and www.504Blog.com.