Mercantile Capital Corporation Funds 15 Commercial Real Estate Loans in 3rd Quarter
Summary
Orlando, FL, October 29, 2015 --( Mercantile’s largest loan of the third quarter is financing the ground-up construction of a Candlewood Suites Hotel in Hartford, CA.According to Tony Zara, Executive Vice President of Mercantile, one lender closing four SBA 504 loans for one small business is a rarity.These loans funded small business commercial real estate projects worth more than $35.9 million in total project costs while creating and retaining 205 jobs in California, Connecticut, Florida, Georgia, Maryland, and North Carolina.Mercantile’s largest loan of the third quarter is financing the ground-up construction of a Candlewood Suites Hotel in Hartford, CA.The program is self-funded and operates at a zero-subsidy status within the SBA.About Mercantile Capital CorporationMercantile is a wholly-owned subsidiary of IBERIABANK (IBKC) and has been a primary source of SBA 504 loans — both first mortgages and interim seconds — nationwide since 2002.A primary aim of the SBA 504 loan program is job creation and retention, and Mercantile’s lending activities have helped create and retain a total of 9,311 permanent jobs.For more information, contact Nikos Triadis, Marketing Manager, at (407) 786-5040 or ntriadis@mercantilecc.com.