ORLANDO, Fla. — Mercantile Capital Corporation, which ranks as one of the nation’s leading providers of U.S. Small Business Administration (SBA) 504 loans to small business owners who want to acquire or develop their own facilities, reports it closed a record number of commercial loans in May.
Chris Hurn, chief executive officer of Mercantile Capital Corporation, said the firm closed 11 loans to finance real estate projects valued at more than $33.2 million.
Hurn said May ranks as Mercantile Capital Corporation’s biggest month in nine years of operation. He added that 2012 is shaping up to be a record year for the company.
“Since Jan. 1, Mercantile Capital has closed 44 commercial loans,” Hurn said, “which is double what we closed by this time in 2011, 2010, or any other calendar year in our history.” Mercantile Capital closed 57 loans during all of 2011, its highest yearly total ever.
Hurn said many of the new loans help small business owners refinance their current commercial mortgages at lower rates and more favorable terms.
“There is a big demand for the refinancing of commercial property loans,” Hurn said. “Last year, the SBA issued new rules that include the ability to refinance commercial debt with SBA 504 loans, and that’s proving to be a huge relief to small businesses that have weathered the recession,” he said.
Hurn said the largest single loan Mercantile Capital provided in May helped finance the $10.4 million acquisition of a hotel in the historic village of Roslyn, New York.