ORLANDO, FL, December 21, 2011 (Press-News.org) Mercantile Capital Corporation, which ranks as one of the nation's leading providers of interim financing for 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 Landerhaven Hotel Venture, LLC, dba Staybridge Suites-Mayfield Heights, OH, as part of a consortium of lenders providing a total of $9.3 million in loan proceeds for the purpose of refinancing. Mercantile's participation was for just over $3.1 million.
Staybridge Suites is the extended-stay lodging brand of InterContinental Hotels Group. Designed for travelers staying more than five nights, these guests consist largely of those involved in training, research, continuing education, auditing, litigation support, and relocation.
Kenneth M. Lapine and Michael R. Sekerak, principals of Landerhaven Hotel Venture, LLC, said that after trying for several years to obtain financing to take out their construction lender, "Mercantile Capital and our team of lenders from the Middlefield Banking Company, Growth Capital Corp. and the SBA worked together smoothly and effectively to get this challenging refinance project to the finish line."
A new development has made it possible to use SBA 504 loans (aka SmartChoice Commercial Loans) to refinance commercial debt. Business owners can now lock in below-market, long-term fixed interest rates associated with SmartChoice Commercial Loans, and even use the proceeds for eligible business expenses (working capital). This program is temporary, however, and will end September 27, 2012. Details for eligibility can be found at http://www.SBA504LoanRefi.com.
For more information, visit http://www.SBA504LoanRefi.com and http://www.504Experts.com
Mercantile Capital Corporation ranks as one of the most active providers of SBA 504 loans nationwide, providing owners of small and mid-sized businesses the option to own commercial property with up to 90 percent loan-to-cost financing. Visit http://www.504Experts.com or http://www.504blog.com for more information.
Mercantile Capital Corporation Provides Commercial Real Estate Loan in Mayfield Heights, OH for $3.1 Million
Mercantile Capital Corp, a leading provider of interim financing for U.S. SBA 504 loans for small business owners who want to acquire or develop their own facilities, recently closed a commercial loan for Staybridge Suites-Mayfield Heights, Ohio.
2011-12-21
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[Press-News.org] Mercantile Capital Corporation Provides Commercial Real Estate Loan in Mayfield Heights, OH for $3.1 MillionMercantile Capital Corp, a leading provider of interim financing for U.S. SBA 504 loans for small business owners who want to acquire or develop their own facilities, recently closed a commercial loan for Staybridge Suites-Mayfield Heights, Ohio.