TMC Financing Exceeds Expectations in Helping Mental Health Counseling and Wellness Center Expand Services

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Las Vegas Mental Health and Wellness Center purchased 2,609 square-foot clinic thanks to Small Business Administration (SBA) 504 Program. The SBA 504 loan program, administered through TMC Financing, offers small businesses an avenue for financing with an historically low, long-term, fixed-rate loan.

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The biggest perks of the program are the loan terms. The down payment is what attracts most of our small business clients. Many say that they couldn’t afford to buy a building if they had to get a conventional loan.

Based on their work in Community Mental Health Centers, Martin Binyange, DNP, and Serah Muigai, DNP recognized a significant need for the Las Vegas Area.

“When you work in Community Health Centers, you hear people talk about waiting three months to get an appointment,” Muigai said. “Or that they’ve been looking for services for their child and can’t find anyone. Our goal is to make sure when people need an appointment, they get an appointment immediately. No wait.”

Specializing in treating anxiety, depression, and mood disorders as well as substance abuse, the Mental Health Counseling, and Wellness Center opened its new location, 320 E. Warm Springs Road at the beginning of the year.

The clinic provides affordable access to mental health services for children ages 6 and up, adolescents, and adults through psychiatric evaluation, medication management, patient counseling, and biofeedback.

The new 2,609 square-foot clinic became a reality for Binyange and Muigai thanks to a U.S. Small Business Administration (SBA) 504 loan.

“The overall experience was positive,” Binyange said about acquiring the loan. “TMC Financing was very kind and supportive. When we had questions, they explained everything and worked promptly.”

The SBA 504 loan program, administered through TMC Financing, offers small businesses an avenue for financing with a long-term, fixed-rate loan and a low down payment. TMC is the number one provider of the U.S. Small Business Administration 504 loan program for commercial real estate financing nationwide.

The 504 loan allows businesses to purchase commercial real estate and other fixed assets with only 10 percent down and a below market rate, fully amortized and fixed for 25 years.

“Small businesses who utilize the SBA 504 Program to buy their buildings realize the importance of reserved capital,” Chris Hunter, senior vice president of business development at TMC Financing in Southern Nevada said. “With the low down payment of the 504 loans, small businesses can retain precious working capital.

Moreover, the terms of the 504 loan are unbeatable. The rate is currently at a historical low, fixed for 25 years. You cannot beat that offer.”

A typical 504 loan project requires a down payment of only ten percent of the total project cost from the borrower. The remaining amount is split between a commercial lender and the SBA.

“The biggest perks of the program are the loan terms,” Hunter said. “The down payment is what attracts most of our small business clients. Many say that they couldn’t afford to buy a building if they had to get a conventional loan.”

Binyange started his business in 2017 in a leased one-room office, that he quickly outgrew.

Forming a partnership with Muigai in 2019, the two applied for an SBA 504 loan to purchase a larger facility and construct tenant improvements, a total project cost totaling approximately $710,000.

Working in partnership with Meadows Bank, TMC Financing facilitated the entire loan process.  

According to Binyange, he was impressed with TMC’s professionalism and the agency’s dedication to working through the pandemic to close the loan after the construction was complete. 

“COVID didn’t stop the TMC team,” Binyange said. “They kept working on our loan. It was amazing.”

Construction of the new clinic began in October and was completed in January. The increased office space provides Binyange and Muigai the opportunity to expand services while creating a safe, private environment for their clients. 

“The privacy is very important,” Binyange said. “When clients are here, it’s just us.”

During the pandemic, the clinic is offering telemedicine appointments. They hope once things stabilize to add additional staff and services. 

“They have the heart to help,” Muigai said about TMC Financing. “They’re not just there for profit. They have a vested interest in small businesses not capable of supporting themselves. They want us to succeed.”

Binyange and Muigai met while attending the University of Southern Alabama Nursing Program. There, they each earned a doctorate in nursing practice and are board-certified psychiatric nurse practitioners.

“The SBA 504 loan enabled Mental Health Counseling and Wellness Center to take control of their occupancy costs,” Hunter said. “Unlike renting, buying their space ensures their monthly payment won’t change, providing stability and peace of mind. What’s more, owning their building will allow Binyange and Muigai to build equity and fund their retirement.”

About SBA 504 real estate loans

The U.S. Small Business Administration 504 loan program allows small-business owners to finance commercial real estate and other fixed assets with long-term, below-market, fixed interest rates. SBA 504 loans can be used to finance the total project cost (TPC), which can include the purchase price, construction/renovations, equipment, soft costs, and closing costs. A typical 504 loan project requires a down payment of only ten percent of the TPC from the borrower, with the remaining amount split between a first mortgage provided by a commercial lender and a second mortgage provided by a certified development company (CDC). By enabling owners to keep their capital working to grow the business and create jobs, the 504 program provides long-term stability to both businesses and communities.

About TMC Financing

Founded in 1981, TMC Financing is the nation’s No. 1 provider of SBA 504 commercial real estate financing. The certified development company (CDC) has provided $10 billion in financing for projects across California and Nevada. More than 6,000 businesses have benefited from this financing resulting in the creation of an estimated 60,000 jobs.

For more information on the SBA 504 loan program and the local businesses it supports, visit http://www.tmcfinancing.com.

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