Calling 2010 the “Best Year Ever” might sound a little strange, since we’re still dealing with the aftereffects of the “Great Recession.” But it’s true: this past year was the best year yet for Mercantile Capital Corporation, and this is very good news for the rest of our economy (I’ll explain why in a minute).
In 2010, we closed 51 commercial loans to finance projects that total $140.6 million. This is the highest number of loans we’ve closed in one year since 2006, when we closed 56. The largest loan we closed last year was for the acquisition of a grocery store in San Jose, California, worth $9.5 million in total project costs.
As I mentioned in my last blog post, the end of the year is usually a busy time for us. True to form, we closed five loans in December to finance projects worth more than $7.9 million. Altogether, our loan volume (total dollar amount) in 2010 represents an 80.02% increase above our 2009 volume. On top of that, we beat our record loan volume of $102.2 million (set in 2007) by 37.6%.
This is all good news because each of the 51 loans we closed last year represents an owner of a small or mid-sized business who has taken a step toward wealth creation by owning his or her commercial property. Amid all the news reporting on the worst recession in recent memory, these forward-thinking business owners decided to capitalize on an opportunity others were scared to act on (or simply didn’t recognize). Because of the decisions made by our Clients, their businesses will be better equipped to compete in 2011, able to create more jobs, and able to take better care of their employees. This is good news for all of us and it bodes well for our economy, don’t you agree?
I’m optimistic about the New Year, but I have no delusions that it will be easy. Yes, 2010 was a good year for our company, but it certainly wasn’t easy. We took our lumps and toughed it out, and we have the bruises to prove it. It’s not unlike what you see in some of the college bowl games this time of year — the team that comes out on top is usually the one who is bloody and exhausted because they gave it their all. You may be limping into 2011, but be encouraged, because things are already looking up.
I’m confident that we’ll have an even better 2011 as more business owners realize that the SBA 504 program offers the best terms and conditions available in commercial property lending. I’m very proud of our Mercantile Family, and I’ve already prepped them for another hard-fought year. I know it’ll be worth it in the end.
I wish you, your company, your family and your friends a Happy and Prosperous 2011!
P.S. If you know of a business owner who has “resolved” to buy a commercial building this year, call me at 866-622-4504 or email me at ChrisHurn@MercantileCC.com. I’d like to start working with them right away to make the purchasing process as simple and pain-free as possible.
Tags: business owners, Business_Finance, commercial property financing, Commercial property loans, commercial real estate, Economic history, Economics, Happy 2011, Mercantile Capital Corporation, New Year, SBA 504 Experts, SBA 504 Loan, Small business