Mercantile Capital Corporation Ends Best Year Ever with Commercial Property Loans That Total More Than $140 Million

Altamonte Springs, FL, January 13, 2011 --(PR.com)-- Mercantile Capital Corporation, the wholly-owned subsidiary of Old Florida National Bank that specializes in U.S. Small Business Administration (SBA) 504 loans for small business owners who want to acquire or develop their own facilities, reported its best year ever in 2010.

Christopher Hurn, Chief Executive Officer of the seven-year old company, said Mercantile Capital Corp. closed 51 commercial loans in 2010 to finance projects that total $140.6 million in 13 states. This is the highest total number of loans closed in one year by the company since 2006, when it closed 56.

The largest single loan financed the $9.5 million acquisition of a grocery store in San Jose, California, Hurn said.

In December, Mercantile Capital Corp. closed on five loans to finance projects that total more than $7.9 million.

Altogether, loan volume in 2010 represents just over an 80 percent increase above 2009 volume, Hurn said.

“We project we will substantially increase our lending volume in 2011 as more small business owners realize that the SBA 504 program offers the best terms and conditions available in commercial property lending,” Hurn said. “We are proud of our growth to date and our target is set on becoming the best provider of SBA 504 financing in the U.S.,” Hurn said.

Mercantile Capital Corp. expects to relocate its headquarters to the Old Florida National Bank building in Winter Park in the spring, Hurn added.

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