ALTAMONTE SPRINGS, FL --- Mercantile Capital Corporation, a wholly owned subsidiary of Old Florida National Bank, has formed partnerships with firms in San Diego and Atlanta to provide funding for SBA 504 loans eligible for the SBA’s new First Mortgage Pool (FMP) Program.
Geof Longstaff (top right photo), chairman of Mercantile Capital Corporation said the firm’s new partners are CDC Direct Capital, the San Diego based subsidiary of non-profit lender CDC Small Business Finance, and FIG Partners, LLC of Atlanta.
Chris Hurn, (lower left photo) chief executive officer of Mercantile Capital Corporation said, “The SBA’s new FMP Program is meant to provide liquidity to the small business lending marketplace. $3 billion was allocated to provide government-guarantees on SBA 504 loans for the first time ever.”
Mercantile will be providing interim second mortgage financing, as it currently does, along with interim first mortgage financing until these FMPs are sold to institutional investors. Longstaff and Hurn expect these loans to become a meaningful part of Mercantile’s business over the next two years. A dedicated website on this FMP Program is forth coming from Mercantile.
For more information, contact:
Geof Longstaff, Chairman, Mercantile Capital Corporation, 407-786-5040, glongstaff@MercantileCC.com
Chris Hurn, Chief Executive Officer, Mercantile Capital Corporation, 407-786-5040 ChrisHurn@MercantileCC.com
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