Christopher Hurn, (top right photo) president and chief executive officer of Mercantile Commercial Capital, said a $3.2 million loan to refinance an Orlando auto repair facility was the month’s largest.
June loan closings included:
• MDG Property Holdings, LLC and Best Choice Collision Center acquired a 13,000 square-foot stand-alone automobile service center in Orlando with a five-year fixed interest rate, 10 percent down and a 25-year fully-amortizing term. The total project cost was $3,220,000;
• Copper Kettle, Inc. to renovate a 4,300 square foot restaurant facility in Nashville, Tenn. with a five-year fixed interest rate, 10 percent down and a 25-year, fully-amortizing term. The total project cost was $1,300,000;
• ENC Realty and Mandell’s Clinical Pharmacy to renovate a 28,100 square foot pharmacy in Franklin, N.J. with a five-year year fixed interest rate, 10 percent down and a 25-year fully amortizing term. The total project cost was $3,005,000.
Hurn said that since January, Mercantile Commercial Capital closed 22 commercial loans that totaled more than $35.3 million to finance $40.5 million in total project costs in thirteen states.
Despite widespread losses and generally diminished demand in the mortgage industry, the firm’s loan volume is up over the first half of 2007. Their revenues are up 8.23 percent and profits up 6.84 percent during the first half of the year over the same period last year.
Hurn attributed Mercantile Commercial Capital’s growth to aggressive niche marketing and a sharp focus on small businesses owners.
“For the typical small business owner, access to capital is just as important during a robust market cycle as a slow growth period,” Hurn said.
Hurn said Mercantile Commercial Capital’s loan volume has increased steadily during each of its five years of operation. “We don’t anticipate that trend will change,” Hurn said.
For more information, please contact:
Chris Hurn, Mercantile Commercial Capital LLC, 407-786-5040
Geof Longstaff, Mercantile Commercial Capital, LLC. 407-786-5040 (top left photo)