TMC Financing Ends Fiscal Year 2019 as the No. 1 504 Lender in the Nation

OAKLAND, Calif., Oct. 17, 2019 /PRNewswire-PRWeb/ -- TMC Financing, a Certified Development Company (CDC) that provides commercial real estate financing utilizing the U.S. Small Business Administration (SBA) 504 loan program, is pleased to announce that of the 200 CDCs in the U.S., TMC is ranked the No. 1 SBA 504 lender in the entire nation. In the Fiscal Year ending September 30, 2019, TMC provided $287 million for nearly 300 small and mid-sized businesses in California and Nevada. Since the SBA's financing represents a maximum of 40 percent of the total, this represented $768 million in total project financing for successful, growing businesses that anticipate adding approximately 2,000 new jobs in the next two years.

"We are extremely proud of this milestone and of helping these businesses achieve their dreams," said Barbara Morrison, TMC's president and CEO. "The ability to purchase a building helps a business stabilize overhead expenses and secure their future. The 504 Program's 90 percent financing enables businesses to retain working capital and the long-term below market, fixed interest rate, makes monthly payments affordable. We are proud to have partnered with the SBA and conventional lenders to help these California and Nevada businesses own their own buildings."

SBA 504 loans enable the business owner to purchase, renovate, construct or refinance commercial real estate with only a 10 percent down payment, and below-market, fixed-rate financing. SBA 504 loans are structured with a first mortgage from a conventional lender, typically representing 50 percent of the total project, and a second mortgage from a CDC such as TMC Financing, backed by the SBA. Today's SBA interest rate is a remarkably low 3.48% fixed for 25 years.

According to TMC borrower Cliff Madonado, owner of BayStreet Research, "I can't speak highly enough about the TMC team. They were my advocates and I could trust them entirely. While I was running my business, TMC kept me calm. Their expertise was critical, and their advice was instrumental in helping me buy my building.

"We bought a building with only 10 percent down at a long-term rate. It gave us increased space while decreasing our occupancy costs. I make money while I build equity for a future nest egg."

"We're so proud to be the top provider of SBA 504 loans in the nation," Morrison said. "It is a tribute to our dedicated, knowledgeable staff that is committed to our small business clients and lending partners. Small business success is our success."

ABOUT TMC FINANCING:
Since 1981, TMC has provided nearly $10 billion in total project financing for approximately 5,000 businesses throughout California and Nevada. Forty percent of TMC Financing's loans have been made to minority small business entrepreneurs, including women and military veterans. This financing has resulted in the creation of 60,000 jobs. TMC's experienced staff works directly with borrowers, first mortgage lenders and real estate brokers to tailor financing packages that meet SBA program guidelines and the borrower's credit capacity. For more information, visit http://www.tmcfinancing.com.

SOURCE TMC Financing