504 loan: The SBA 504 Experts have Relocated! - 12/15/11 09:58 PM
It’s been a busy and hectic two weeks, but we’re finally moved-in and getting settled into our new digs. We really appreciate everybody’s patience as we moved our email servers and phones and everything else. Our office is set up a bit differently than before (we now occupy multiple floors of our new building), so we’re forming new routines and systems for getting things done more efficiently.
We have some footage here of us packing up our old office and getting moved into our new space, so watch the video below to see some of that craziness.
Again, I can’t … (0 comments)

504 loan: Webinar on SBA 504 Loan Refinance Changes — Sign Up Today! - 10/24/11 10:12 AM
My staff and I have been inundated with questions about the new SBA 504 loan refinancing rules ever since the SBA announced them on October 12th. In order to answer everyone’s questions and to share this information as quickly and effectively as possible, I’ve decided to host a complimentary webinar.
It’s going to be on November 1st, at 2:00pm EST, and it’s going to be FREE (no charge — just show up). Watch the short video below to hear more about why you should join me for this webinar:
To register for this complimentary webinar, go to tiny.cc/SBA504RefiUpdate and reserve … (0 comments)

504 loan: BIG NEWS About the SBA 504 Refinance Program… - 10/14/11 03:52 AM
Since the Small Business Jobs & Credit Act was passed a year ago, we’ve been able to finally use SBA 504 loans to refinance commercial property. Fortunately, a few hundred business owners have been able to avail themselves of this program to get control over their real estate expenses with the long-term, fixed-rate financing that a 504 loan provides. But that’s about to change…
Another provision in the law mentioned the ability to use SBA 504 Refi proceeds for legitimate business expenses (working capital, essentially).  Well, we waited a whole year for the SBA to announce how this part of the … (1 comments)

504 loan: Interest Rates Keep Getting Better for Small Businesses… - 09/08/11 07:48 AM
There may never be a better time than now for small business owners to buy already discounted commercial property, while financing it with the lowest interest rates on record! This is how America’s courageous business owners can better create wealth for themselves…and get our economy back on track at the same time.
I reported earlier this week that August was the best month ever for Mercantile Capital Corporation. I’m happy to announce today that the 20-year fixed effective interest rate for our SmartChoice® Commercial Loans (aka SBA 504 loans) has fallen to its lowest point in history — 4.69%!

504 loan: Commercial Real Estate Financing for Small Businesses is on the Rise… - 09/06/11 11:23 AM
Our office is buzzing today after being closed for the Labor Day holiday. I hope you had a nice, long weekend and were able to enjoy an extra day away from the office. I’m pretty sure everyone here at Mercantile spent yesterday relaxing and recharging since we just finished the most productive month ever for our company.
In August we closed nine loans worth more than $21.6 million in total project costs — the highest monthly total in Mercantile history. Our previous record was set in June 2010, when we closed nine loans worth $20.5 million in total project costs. So … (0 comments)

504 loan: Wasteful Government: Duplication at the SBA and What to Do About It… - 08/19/11 04:56 AM
You and I both know that the SBA is a helpful resource for small businesses. Many, many business owners have gotten a financial “hand-up” from this government agency, and these small businesses have long been the “backbone of the American economy” (pardon the cliché, but it’s true).
Despite the benefits of the SBA’s loan programs, it can do MUCH better. It needs to do better for the sake of our country’s small businesses and our overall economy. As I’ve explained before, there’s some overlap between the SBA 7(a) loan program and the SBA 504 loan program that is NOT helpful, … (0 comments)

504 loan: Good News for Small Businesses in our Troubled Economy… - 08/15/11 05:01 AM
It’s been a rough week, economically speaking. On Monday “The Downgrade” happened, the stock market has been on a rollercoaster ride all week, and things are looking tenuous at best.
All that said, there is STILL some good news (especially for small business owners), and I want to share it with YOU. Watch the video below to find out how smart business owners can build significant wealth right now, and how you can help spread the word.
No matter how gloomy things seem, there’s still an opportunity for small business owners to own commercial property while interest rates are at all-time … (0 comments)

504 loan: The SBA Drags its Feet While Small Businesses are Hurting... - 08/02/11 02:35 AM
I’ve been a staunch supporter of the U.S. Small Business Administration (SBA) for years. I believe that this government agency has done quite a lot of good for small business owners and our economy, and it continues to do good in many respects.
Recently, however, I (along with lots of small business owners and lenders nationwide) have become very frustrated with the progress of the SBA 504 Refinance Program. This is a program I’ve been arguing for since 2004, when I was first quoted in the Wall Street Journal about it, because it has the potential to help small … (2 comments)

504 loan: U.S. Senator George LeMieux visits MCC… - 07/26/11 08:59 AM
George LeMieux is campaigning for election to the U.S. Senate here in Florida. He was appointed to the Senate in 2009, following Mel Martinez’s resignation, and he’s now running against incumbent Democrat Bill Nelson as well as several Republican candidates.
I got the chance to sit down with George last week to talk about his bid for the U.S. Senate and get his take on our economy, small businesses, the debt ceiling mess, and whether he’s related to hockey great Mario LeMieux. We recorded the interview so you can see and hear what he has to say, and I think … (0 comments)

504 loan: The Economic “Recovery” is Stalled (Part 2)… - 07/26/11 01:55 AM
In my previous post (part 1), we established that the economic “recovery” we keep hearing about in the news isn’t exactly living up to expectations. It has stalled, and there’s a lot of uncertainty among small business owners and their advisors as to what is the best course of action from here.
Watch the video below to hear more about what’s really going on in our economy and — more importantly — what’s causing it. People are looking to small business owners like us to create jobs and grow the economy, but we’re facing strong headwinds fromWashington,D.C.Click the play button … (0 comments)

504 loan: It’s Official: The Economic “Recovery” is Stalled… - 07/25/11 09:34 AM
The economy is “officially” in recovery mode, and has been for a while, but we all know that things are still tough throughout our economy. Depending on what you read from various news outlets, it’s getting more and more difficult to understand what’s really going on. So how are small businesses supposed to react to confusing and contradictory new reports?
In the video below, I’ll briefly walk you through a series of recent news stories to see if we can get a firm grasp on how the economy’s really doing and how we ought to proceed as small business owners … (0 comments)

504 loan: Happy Independence Day... - 07/25/11 04:45 AM
I fully intended to do a video blog before the July 4th Holiday Weekend, but it’s just been one of those weeks. Two weekends ago, our building was hit by lightning, and we lost several computers and other pieces of hardware that had to be replaced. It’s taken until now to get everything up and running properly, and today my computer managed to contract a virus.
I’m certainly not complaining — that’s just the way things go sometimes. I only mean to explain why I’ve not been more active on this blog lately, and why you’re not getting to see … (0 comments)

504 loan: Discussing SBA Loans at the Florida Statewide Lenders Conference… - 07/22/11 10:02 AM
I had the pleasure of sitting down with Bob Coleman at the Florida Statewide Lenders Conference yesterday to talk about the latest and most relevant issues facing small business owners these days. If you don’t know Bob, he’s a great guy and very influential in the world of small business lending.
Watch the video below to see and hear us talk about the commercial real estate bubble, supply and demand for small business lending, and what options exist for business owners who have survived the “Great Recession” and are looking for what’s next.
Chris Hurn and Bob Coleman Discuss … (0 comments)

504 loan: The Dirty Little Secret of Small Business Lending… - 06/09/11 04:15 AM
When a small business owner wants to buy commercial property for his or her business, there are several financing options to choose from. This probably isn’t news to you, especially if you’ve been reading this blog for a while now. What’s surprising, though, is how often many lenders gloss over (or omit altogether) certain loan options and focus only on ones that are more beneficial for the bank (or non-bank lending institution).
The video below explains what I like to call the “Dirty Little Secret” of small business lending, and it has to do with lenders withholding certain information from … (0 comments)

504 loan: The SBA 504 Experts Discuss Renting vs. Buying… - 08/17/10 03:40 AM
Back in July, I re-posted an article by Jay Goltz that appeared on the New York Times' website. He was writing on the possibility of a double-dip recession and told of things he had been doing to both stay optimistic and to shore up his position. One of the things he did was buy a new building. It's a little counterintuitive, but he had good reasons for doing so: to reduce his overhead expense and give him more room for efficiency and growth.
It turns out someone left a comment on his blog asking him to explain the thought process behind … (0 comments)

504 loan: According to the SBA 504 Experts, things keep getting better… - 08/06/10 02:34 AM
Things are indeed getting better for owners of small and mid-sized businesses. We're still keeping tabs on HR 5297, because the Senate's actions will have big implications for business owners, but there's other good news that I need to tell you about.
The 20-year fixed interest rate on SBA 504 loan projects has fallen below 5% for the second time in history! With the August full-term effective rate at 4.93%, purchasing commercial property is a no-brainer for smart business owners who are ready to make the move from renting to owning. Seriously, by putting as little as 10% down, getting longer … (0 comments)

504 loan: SBA 504 Experts “Prophetic Flashback”: March 27th, 2008… - 07/30/10 05:26 AM
Many thanks for your support of HR 5297. It appears that the Senate still hasn't passed the bill yet, as the second cloture motion was withdrawn yesterday. So we'll continue to pester our elected officials until we get the action we need from them . . . last I checked, they DO get paid by us (just wish more of them acted like they understand that . . .).
In the meantime, I thought I'd share a blog post I wrote back in March of 2008. It's about “the Best Time to Buy Commercial Real Estate,” which was THEN. However, we … (0 comments)

504 loan: The SBA 504 Experts Explain Why NOW is the Perfect Time to Buy Commercial Property… - 07/29/10 09:16 AM
“Right now is a great time to buy commercial property.” I say and write that phrase a lot these days. If you're a regular reader of the emails and blog posts I write to you, you've no doubt heard this from me. But I bet you don't hear it or read about it many other places. You might even think me crazy for proclaiming this in the middle of these "interesting" economic times.
Well, I have an article I'd like you to read. It appeared in the May 2010 issue of Site Selection Magazine, and asks if it's "Better to Buy?" … (0 comments)

504 loan: SBA 504 Expert Calls Proposed Direct Lending by the SBA a Disaster . . . - 03/04/10 05:56 AM
In today's edition of The Wall Street Journal, there is an article titled “A Plea for Direct Lending to Small Businesses” which you can read in full by going here. The article focuses on the two sides of the debate on proposed legislation that calls for the SBA to help business owners find willing lenders and, as last resort, issue the loans directly. Yes that would mean the same people who bring you (sometimes — and maybe no more on Saturdays) your mail, the constant money-losing Amtrak, the DMV (at least on the state level) and so forth, would now do … (0 comments)

504 loan: SBA 504 Experts Welcome Congressional Candidates at Open House . . . - 03/02/10 03:00 AM
I know that elections aren't until November, but I think right now is the perfect time to start learning about the candidates we'll be voting for later this year. That's why I decided to host an Open House last week and invite the Congressional candidates from Florida's 24th District - - the one MCC resides in. (There's actually a much longer, more detailed explanation for hosting this event, which you can read here.)
The upcoming elections will be the most important ones we've seen in a long time, and I was heartened by the turnout last Tuesday night. We probably had … (0 comments)