Mercantile Commercial Closes Three Loans for $7.5M

Orlando Business Journal
Friday, July 18, 2008

Mercantile Commercial closes three loans for $7.5M

Mercantile Commercial Capital LLC closed on four commercial loans in June totaling $8.2 million.

The Altamonte Springs-based company, which specializes in U.S. Small Business Administration (SBA) 504 loans, made loans to:

- MDG Property Holdings LLC, and Best Choice Collision Center to acquire a 13,000-square-foot stand-alone automobile service center in Orlando. The total project cost was $3.2 million.
- Copper Kettle Inc. to renovate a 4,300 square-foot restaurant facility in Nashville, Tenn. The total project cost was $1.3 million.
- ENC Realty and Mandell"s Clinical Pharmacy to renovate a 28,100-square-foot pharmacy in Franklin, N.J. The total project cost was $3 million.

Christopher Hurn, president and chief executive officer, said his firm has closed 22 commercial loans in 13 states totaling more than $35.3 million since January.

He says the firm"s loan volume is up compared to the first half of 2007. In addition, revenues are up 8.23 percent and profits up 6.84 percent for the first six months of 2008 compared with the same period last year.

Click Here to View Article from OBJ on Mercantile Commercial Closes Three Loans for $7.5M