Mercantile Capital Corporation Reports $47.3 Million Financed in First Quarter Signals a Return to Pre-Recession Levels in Commercial Lending
ORLANDO, Fla., April 10, 2013 /PRNewswire-iReach/ -- Mercantile Capital Corporation, which specializes in providing commercial property financing for small business owners via the U.S. Small Business Administration 504 loan program, today announced that it closed 10 commercial loans in the first quarter to finance projects worth more than $47.3 million in total project costs.
Christopher Hurn, CEO of Mercantile Capital Corporation, said the company's loan volume has returned to pre-recession levels. "The demand we're seeing for small business commercial real estate loans is reminiscent of what we saw back in 2007, before the Great Recession," Hurn said.
Geof Longstaff, Mercantile's Chairman, added that the firm's largest single loan in the first quarter of 2013 helped finance the $13.5 million ground-up construction of a LEED-Certified Hampton Inn & Suites in Camp Springs, Md.
Though loan volume is down from the company's 2012 record levels, this is primarily due to the absence of the SBA 504 refinance program. "There was enormous demand for 504 refinancing last year, and that allowed us to shatter all our previous lending records," said Hurn. "If Congress were to reinstate the program, or some version of it, rest assured that small business owners would be lining up to participate."
Since opening in 2002, Mercantile has provided 477 loans to finance commercial real estate projects worth more than $1.21 billion in total project costs for small and medium-sized businesses in 37 states, Puerto Rico, and the District of Columbia. A primary aim of the SBA 504 loan program is job creation, and the firm's lending activity has contributed to the creation or retention of 8,256 jobs across the country.
Entrepreneur, Speaker, Writer/Blogger, Leader. Mercantile Capital Corporation only finances commercial real estate for other entrepreneurs and small business owners all over the U.S. utilizing the SmartChoice Commercial Loan program (aka the SBA 504 loan).
Chris Hurn, Mercantile Capital Corporation, 407-786-5040, email@example.com
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SOURCE Mercantile Capital Corporation