Orlando Business Journal
April 17, 2013
Mercantile Capital closes 10 loans in 1Q to finance $47.3M in projects
Mercantile Capital Corp., which specializes in providing commercial property financing for small business owners through the 504 loan program, closed 10 loans in the first quarter to finance projects worth more than $47.3 million.
The firm’s largest single loan in the first quarter helped finance the $13.5 million construction of a LEED-certified Hampton Inn & Suites in Camp Springs, Md.
Mercantile CEO Christopher Hurn said the company’s loan volume has returned to pre-recession levels, despite the first-quarter volume being down from last year’s record-breaking levels, primarily due to the absence of the Small Business Administration’s 504 refinance program.
“There was enormous demand for 504 refinancing last year,” said Hurn. “If Congress were to reinstate the program or some version of it, rest assured small business owners would be lining up to participate.”
Since opening in 2002, Orlando-based Mercantile Capital Corp. has provided 477 loans to finance commercial real estate projects worth more than $1.21 billion in total project costs in 37 states.