Mercantile Capital Corporation Provides Real Estate Loan for Hotel in Atlanta, GA Worth Over $10.8 Million
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 Mogar Farms V, LLC’s Best Western Plus Inn at the Peachtrees, recently for $10,800,000 in total project costs.
Best Western Plus Inn (known as Inn at the Peachtrees) is a 109 room hotel, located on the corner of West Peachtree and Simpson St, within walking distance to many downtown attractions in Atlanta. Amenities include daily full hot breakfast buffet, fitness center, business center, and Energy Express: “a grab and go breakfast.”
“We were very impressed with the speed at which Mercantile moved to complete the transaction,” said co-owner, Chetan Patel. “They delivered just as they said they would, according to their commitment to us.”
The SBA 504 loan refinance program helps owners of small to mid-sized businesses, like the Patels, have an opportunity to create wealth and financial freedom. Mercantile’s specialization in SBA 504 loans, allows borrowers 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.
“When thousands of small business owners across this nation are struggling with high interest rates on loans for commercial buildings and an inability to finance additional working capital, this refi program is phenomenal,” said Chris Hurn, CEO of Mercantile Capital Corp.
For more information, visit http://www.504Experts.com and http://www.504Blog.com.