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Mercantile Capital Corporation closes its 504th SBA 504 loan

It’s been 10 years since Mercantile Capital Corporation was founded. When Geof Longstaff and his partners started this company, they got a lot of funny looks from others who thought they were crazy to put all their eggs in one basket. That metaphorical basket was (and is) the SBA 504 loan program. Geof became convinced that this particular loan was too important for small business owners to be as underutilized as it was. He believed that if Mercantile made it its sole focus and provided a great experience for its small business clients (and did a good job of marketing it), it would ultimately be successful.

A decade later, through many ups and downs, we’re proud to announce that we closed our 504th loan in October. We know it’s common for businesses to announce round-number-milestones (100th, 500th, etc.), but we tend to be a little uncommon, abnormal, unordinary. And, since the 504 loan is our specialty, making a big deal about our 504th loan seemed appropriate.

If you’re curious, said loan provided permanent financing for a Hampton Inn & Suites in Roseville, CA. The total project cost was $8.24 million and helped create and retain 58 permanent jobs. Coastal Partners, LLC, constructed the hotel and CEO Brett Baumgarten had this to say:

“This project would have been much more difficult without Mercantile’s expertise in the 504 loan. The recent government shutdown proved to be a significant problem, but Mercantile helped us work around it to get the project closed and funded on time.”

You can read more from our official press release here.

It took us 10 years to get to this milestone, but we’re hoping to cut that time in half to get to 1,008 loans (you know, 504 times 2). If you or someone you know is interested in owning commercial real estate for a small business, call us at 1-866-622-4504 or email us at info@MercantileCC.com. We’re here to answer any questions you have and help you get started right away.

Thanks for reading and sharing this — the more we can promote the 504 program, the more we can help small business owners grow and succeed in any economic environment.

– Your 504 Experts

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30 Comments

  1. PATRICIA WALDEN says:

    Nice,
    Probably more like extra-ordinary!

  2. Joshua Long says:

    Congrats man!
    10 years is a significant milestone.
    -Josh

  3. Christopher Linton says:

    Congratulations, yes, I do want to know more…..

  4. Larry Pimo says:

    Great article, Chris. Well done! 

    • Chris Hurn says:

      Thank you, Larry. That means a lot.

  5. Ralph V says:

    We are interested

  6. Brandon Bailey says:

    Congratulations on this great milestone!

  7. Sue Odena says:

    Congratulations!

  8. Mitchell C. Fogel says:

    Congrats! Mazel tov! You and your team has worked hard, Chris, so WELL DONE!

    • Chris Hurn says:

      Thanks, Mitch!

  9. Scott Little says:

    Congratulations, Chris. I follow your emails with interest since I am the 504 “expert” at Conestoga Bank and I know personally what a tremendous amount of work has gone into making 504 “504” deals possible. Congratulations to you and your team on reaching such a notable milestone.

    • Chris Hurn says:

      Thanks, Scott. I really appreciate the kind words.

  10. Bo Burlingham says:

    Congratulations, Chris!!

  11. Jim Hanson says:

    Congrats. A lot of hard work rewarded. Keep it up.

  12. Nana says:

    Congratulations on your achievements! God bless and have a very merry Christmas and a very prosperous Happy New Year.

    • Chris Hurn says:

      Thank you, Nana. You, too!

  13. Robb Tacelosky says:

    Congradulations

  14. Gaby says:

    Congratulations! Really.

    Wishing you a good day!

    • Chris Hurn says:

      Thanks, Gaby. To you as well.

  15. Ben L. Larson says:

    Congrats!

  16. David Allen says:

    Congratulations on your 504th! I am starting a new organization with any similarities to what I read about MCC. I very much enjoy your correspondences. Keep up the good work.

    • Chris Hurn says:

      Thank you, David. Good luck to you!

  17. Turner, Eliane says:

    Congratulations !!!

  18. Frank Keane says:

    Chris – it was a pleasure meeting you yesterday, and congratulations on your 504th loan; an appropriate milestone.

    • Chris Hurn says:

      Thanks, Frank. Enjoyed meeting you as well.

  19. Bob Shephard says:

    Congratulations on Number 504, Chris. I remember when you started this successful business and as SCORE Chair, I had the pleasure of supporting it then and now. You have become a legend I the 504 business world. Well done!!!

    • Chris Hurn says:

      That’s very kind of you to say so, Bob. Thanks!

  20. Jim Hughes says:

    Congrats and I am equally proud to have been afforded the ability to work with you and your group. Several years ago in Orlando we shared a martini at you party. I am happy to be part of you success and look forward to hearing from you on your next deal in New Jersey!

    • Chris Hurn says:

      Thanks, Jim.

  21. Jimmie Ewing says:

    Congratualtions with your business 504 program milestone hard works pays off

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