Mercantile Capital Corporation reports record-setting $88 million in SBA 504 loans during Q1 2016.
ORLANDO, FL — April 4, 2016 — Mercantile Capital Corporation, a leading provider of U.S. Small Business Administration (SBA) 504 loans for owners of small and mid-sized businesses nationwide, announced today that its loan volume for Q1 2016 set a new record for single-quarter, non-refi loan volume. The $88 million in total project costs is the highest since 2012, when the temporary SBA 504 refinance program significantly boosted the company’s loan volume totals above normal levels.
According to Geof Longstaff, Mercantile’s Chairman and CEO, several things have contributed to this record-setting performance. “Our ability to close the first mortgages in certain transactions, and the improving economy means greater demand for the type of financing we provide,” said Longstaff. “As a business owner myself, I know that now is a good time to buy, build, or renovate commercial facilities for small and mid-sized businesses.”
Shannon Marks, Mercantile’s President and COO, added that the company’s expertise continues to help drive business. “There aren’t many lenders who specialize in SBA 504 loans as we do, and even fewer who are as well-versed in construction as our team,” said Marks. “The ability to do construction loans well sets us apart from our competition.”
About the SBA 504 Loan Program
SBA 504 loans are designed to finance the total cost of a project, which can include the purchase price, construction, renovations, equipment, soft costs, and closing costs. The program is self-funded and operates at zero-subsidy status within the SBA.
About Mercantile Capital Corporation
Mercantile Capital Corporation is a wholly-owned subsidiary of IBERIABANK (IBKC) and has been a primary source of SBA 504 loans and interim loans nationwide since 2002. As of 3/31/16, Mercantile has closed 625 loans to fund projects worth more than $1.78 billion in 40 states, Puerto Rico, and the District of Columbia.
For more information, contact Nikos Triadis at (407) 786-5040 or nikos.triadis@mercantilecc.com.
The post Record-setting quarter for SBA 504 lender appeared first on Mercantile Capital Corporation, 504 Loan and Commercial Real Estate Experts.
