Las Vegas, NV, September 20, 2015 --(PR.com
)-- Castle Rock Construction, a Las Vegas-based construction firm, has purchased a new building at 4865 Nevso Avenue in southwest Las Vegas. The 3,646-square-foot building on a 7,800-square-foot site was purchased with an SBA 504 loan from TMC Financing and a conventional loan through Bank of America. TMC Financing provided $206,000 of the project’s $500,000 total cost.
Castle Rock Construction general manager and owner Lita Yang said this was her first SBA loan and the process was surprisingly easy. “The SBA 504 loan was a good fit for me because it required less of a down payment and gave us more cash flow,” she said. “We wanted the property because it was in a good location and gave us the additional office space we needed.”
“Castle Rock is a great example of how the SBA 504 program benefits local businesses,” said Ann Santiago, senior vice president of TMC Financing’s Southern Nevada office. “The SBA 504 loan along with a conventional first mortgage allows the business owner to put down as little as 10 percent so they can keep their capital working to grow the business.”
Yang has worked in the construction industry for more than 20 years and earned her contractor’s license in 2008. “We do construction work,” she said. “Many of our projects are tenant improvements for commercial property. We are known for providing quality work and being very efficient. We finish our projects on time and for a reasonable price.”
Yang said working with Santiago at TMC Financing made the loan process easy and efficient too. “Both TMC Financing and Bank of America responded quickly to questions and requests, and provided great service,” she said. “We were very satisfied with the whole process.”
“Many small business owners may think that applying for an SBA 504 loan to purchase commercial real estate is a lengthy and complicated process, but it isn’t,” said Santiago. “It was just a few weeks from the day the application was filed to the day Castle Rock Construction’s loan was funded. We work closely with the conventional lender to make the process as easy as possible for the borrower.”
About SBA 504 real estate loans
The U.S. Small Business Administration 504 loan program allows small-business owners to finance commercial real estate and other fixed assets with long-term, below-market, fixed interest rates. SBA 504 loans can be used to finance the total project cost (TPC), which can include the purchase price, construction/renovations, equipment, soft costs and closing costs. A typical 504 loan project requires a down payment of only 10 percent of the TPC from the borrower, with the remaining amount split between a first mortgage provided by a commercial lender and a second mortgage provided by a certified development company (CDC). By enabling owners to keep their capital working to grow the business and create jobs, the 504 program provides long-term stability to both businesses and communities. Business owners can confirm they meet the qualifications for an SBA 504 loan by visiting the TMC Financing website.
About TMC Financing
Founded in 1981, TMC Financing is the largest provider of SBA 504 commercial real estate financing in Northern California and Nevada. TMC consistently ranks among the top CDCs nationwide, funding projects worth more than $8 billion across California and Nevada. More than 4,700 businesses have benefited from this financing, resulting in the creation of an estimated 46,000 jobs. For more information on SBA 504 loans and the local businesses they support, visit tmcfinancing.com.