Thursday, January 24, 2013
Mercantile Capital Corporation Announces Record Year, Plans Expansion in 2013
Christopher Hurn, CEO of Mercantile Capital Corporation, said the company finished the year having closed loans on more than $424.2 million in total project costs. This record loan volume is an increase of 143 percent from Mercantile’s 2011 loan volume of $174.4 million, which was the previous record for the commercial lender.
Since Mercantile opened for business in 2002, the company has provided nearly 500 loans to finance commercial real estate projects worth more than $1.16 billion in total project costs for small and medium-sized businesses in 37 states, Puerto Rico, and the District of Columbia. This lending activity has contributed to the creation or retention of 7,915 jobs across the country.
In December alone, the company closed eight loans worth more than $35.4 million, ending the year on a strong note. The largest single loan closed by the company in 2012 was for the $14.5 million acquisition of a Holiday Inn Hotel located in Salt Lake City, Utah.
Hurn expects Mercantile’s strong performance to continue in 2013, citing new sales channels he’s developed with Chairman Geof Longstaff. “What we have in the works now could increase our annual loan volume by as much as 30 percent,” Hurn said. “The scarcity of available financing for small business owners has been a major hindrance to the nation’s economic recovery,” he added, “but it has focused a spotlight on the SBA 504 loan program and its many benefits.”