Mercantile Capital Corporation, one of the nation’s leading providers of U.S. Small Business Administration (SBA) 504 loans for small business owners who want to acquire or develop their own facilities, closed a commercial loan for a hotel in Camp Springs, MD recently for over $15.5 million in total project costs.
The funds will be used for the ground-up construction of a 117-room Hampton Inn & Suites, a LEED certified project. The proposed Hampton Inn & Suites will offer an indoor pool and jacuzzi, a conference room with a 150-person capacity, shuttle service to the Branch Ave. Metro station, business center, fitness center, free breakfast, free Wireless, and Hilton Brand Corporate Point members.
The transaction was orchestrated by John Rickert of Sperry Van Ness and financing was also provided by Essex Bank through the SBA 504 loan program.
Christopher G. Hurn, CEO of Mercantile Capital Corporation in Orlando, said SBA’s 504 loan program offers record below-market, fixed interest rates; up to 90-percent loan-to-cost financing; and 20-year terms for projects up to $15 million for small business owners who want to acquire or develop their own facilities.
“Small business entrepreneurs all across the nation are using 504 loans to expand their operations, create jobs, and grow their businesses,” Hurn explained, adding that interest rates are the lowest ever.