Altamonte Springs, FL (PRWEB) September 14, 2011
Mercantile Capital Corporation, in Altamonte Springs, a wholly-owned subsidiary of Old Florida National Bank, reports it closed nine commercial loans in August to finance projects valued at more than $21.6 million in Florida, Texas, California, Georgia and Maryland.
Chris Hurn, chief executive officer at Mercantile Capital Corporation, said the volume of commercial loans closed in August was the highest in the company’s history. Its previous record month was June 2010, when the company closed nine loans worth $20.5 million in total project costs.
Mercantile Capital Corporation specializes in U.S. Small Business Administration (SBA) 504 loans for small business owners who want to acquire or develop their own facilities.
SBA 504 loans offer long-term, below-market interest rates with as little as 10 percent down.
Geof Longstaff, chairman at Mercantile, said the largest single loan in August was worth $6.6 million in total project costs to refinance the Country Inn and Suites Hotel in Capital Heights, Md. Through eight months of 2011, Mercantile has closed loans worth more than $110.9 million in total project costs and has helped create or retain 755 total jobs as a result of this financing.