So let’s say you’re a small business owner who’s interested in owning commercial real estate for your business. Maybe you’ve found the right property and all you need is a loan to buy it. Or maybe you’re just starting to think and look and plan. Maybe you want to start from scratch and you need a construction loan to make your vision a reality. Wherever you are in this process, it’s never too early to explore your financing options.
The first thing to keep in mind is that you should have options (plural). You can very easily go to your business banker and find out what options he or she offers, and you should. But your search shouldn’t stop there. It can ultimately end there, if they do in fact fit what you’re looking for in a commercial lender, but you want to explore your available options before making a decision. After all, this is likely a very big project you’re undertaking. Many of the small business owners we work with, for example, will purchase commercial real estate exactly once during the life of their business or career. It’s a big deal, so you want to make sure you choose the right people to partner with you along the way.
Why consider Mercantile?
When it comes to commercial real estate financing for small business owners, we recommend an SBA 504 loan. It was designed for just this purpose, and we believe in it enough that we made it our specialty from the very start. SBA 504 loans allow business owners to buy, build, or renovate their commercial facilities with minimal money down (as little as 10%), below-market fixed interest rates, and longer terms than ordinary commercial loans typically offer. We’ve been doing these loans since 2002, we’ve funded projects in 40 of the 50 states, we’re widely recognized as the experts in SBA 504 lending, and we’re a small business just like our borrowers. (It’s true that we’ll soon be part of a larger, publicly traded bank, but we’ll continue doing what we do the way we’ve always done it. We’re entrepreneurs and that won’t change.) That’s us in nutshell. Hopefully it gives you an idea of what to expect from us.
Why get pre-approved?
We know that small business owners have a lot to do, and shopping for commercial real estate financing is mostly likely not real high on the list, even if you’re ready to get going on your project. Because your time is a valuable thing, we offer a pre-approval process that will save you time and energy. There are eight things we need in order to begin analyzing your project and your business: business schedule of liabilities, project cost breakdown, personal financial statement, three years of personal tax returns, three years of corporate tax returns, current interim financial statement, previous year interim financial statement, and authorization to release information. With these documents, we can give you a firm answer on how we can help in 24 to 48 hours. Getting pre-approved gives you and us an idea of what to expect. It also gives you the opportunity to get a quick no. Nobody wants to get turned down for a loan (or anything else for that matter), but sometimes it’s just not the right time or we’re not the right fit or it’s not the right project. We believe it’s better to get a quick no than a drawn-out maybe. We won’t string you along and we won’t waste your time.
Get our latest and greatest and most up-to-date pre-approval application right here. It really is super simple. We don’t use magic to make it so — we’ve just been doing this for so long that we’ve got it down pat. Call or email, we’re here all the time.
– Your 504 Experts