TMC Financing Remains No. 1 SBA 504 Lender in San Francisco
TMC Financing, an SBA certified development company, provided more than $74 million in real estate loans to local small businesses in fiscal year 2014.
San Francisco, CA, December 18, 2014 --(PR.com)-- TMC Financing today announced it remains the top Small Business Administration certified development company in San Francisco, based on dollar value of loans. From Oct. 1, 2013 to Sept. 30, 2014, TMC provided more than $74.7 million in SBA 504 loans to 82 Bay Area small businesses. This SBA-guaranteed financing provided businesses the capital to purchase commercial real estate and large equipment, helping create and retain more than 3,800 jobs.
“The San Francisco real estate market is tough for small businesses right now,” said David Griffis, senior vice president of business development at TMC Financing. “Rents have risen dramatically and commercial real estate inventory is tight. When buildings do come up for sale, there are often multiple, all-cash offers. The SBA 504 loan allows small businesses to invest in their future with a lower down payment than conventional loans require.”
In the Bay Area, medical and professional services, manufacturing, auto services, hotels and hospitality, and restaurants were some of the most active industries. For fiscal year 2014, San Francisco project highlights included $4.5 million purchase and renovation of the iconic Lombard Plaza Motel and $4.3 million that allowed the owners of the Vegas-inspired DRAKE Gastro Lounge to purchase their building in the city’s South of Market neighborhood.
“We love working with restaurateurs and hoteliers,” said Barbara Morrison, president and CEO of TMC Financing. “SBA 504 financing is a good match for these projects because many conventional lenders shy away from financing single-use projects. TMC is able to provide low, fixed-rate financing with a minimal down payment that allows business owners to retain working capital.”
TMC works with first mortgage lenders, real estate brokers and business owners to tailor financing packages that meet both the business’ needs and SBA standards. For fiscal year 2014, TMC partnered with more than 30 different third-party lenders in the Bay Area. The SBA reported 221 SBA 504 loans totaling nearly $192 million in the San Francisco district for fiscal year 2014.
About SBA 504 Loans
SBA 504 financing offers businesses below-market, fixed-rate financing for the acquisition, renovation or construction of commercial real estate. The program was created to help encourage economic development by providing long-term stability for businesses with the ability to retain working capital, which can be used to further grow the business and create jobs. The typical SBA 504 loan provides up to 90 percent financing. Business owners can find out if they meet the qualifications for an SBA 504 loan by visiting tmcfinancing.com.
About TMC Financing
TMC Financing has been ranked among the top CDCs nationwide for more than a decade. Currently, TMC Financing is ranked as the No. 1 CDC in Northern California and Nevada, and is the No. 2 CDC nationally. The November SBA 504 rate is 4.87 percent fully fixed for 20 years. For historical monthly SBA 504 rates, visit tmcfinancing.com.
“The San Francisco real estate market is tough for small businesses right now,” said David Griffis, senior vice president of business development at TMC Financing. “Rents have risen dramatically and commercial real estate inventory is tight. When buildings do come up for sale, there are often multiple, all-cash offers. The SBA 504 loan allows small businesses to invest in their future with a lower down payment than conventional loans require.”
In the Bay Area, medical and professional services, manufacturing, auto services, hotels and hospitality, and restaurants were some of the most active industries. For fiscal year 2014, San Francisco project highlights included $4.5 million purchase and renovation of the iconic Lombard Plaza Motel and $4.3 million that allowed the owners of the Vegas-inspired DRAKE Gastro Lounge to purchase their building in the city’s South of Market neighborhood.
“We love working with restaurateurs and hoteliers,” said Barbara Morrison, president and CEO of TMC Financing. “SBA 504 financing is a good match for these projects because many conventional lenders shy away from financing single-use projects. TMC is able to provide low, fixed-rate financing with a minimal down payment that allows business owners to retain working capital.”
TMC works with first mortgage lenders, real estate brokers and business owners to tailor financing packages that meet both the business’ needs and SBA standards. For fiscal year 2014, TMC partnered with more than 30 different third-party lenders in the Bay Area. The SBA reported 221 SBA 504 loans totaling nearly $192 million in the San Francisco district for fiscal year 2014.
About SBA 504 Loans
SBA 504 financing offers businesses below-market, fixed-rate financing for the acquisition, renovation or construction of commercial real estate. The program was created to help encourage economic development by providing long-term stability for businesses with the ability to retain working capital, which can be used to further grow the business and create jobs. The typical SBA 504 loan provides up to 90 percent financing. Business owners can find out if they meet the qualifications for an SBA 504 loan by visiting tmcfinancing.com.
About TMC Financing
TMC Financing has been ranked among the top CDCs nationwide for more than a decade. Currently, TMC Financing is ranked as the No. 1 CDC in Northern California and Nevada, and is the No. 2 CDC nationally. The November SBA 504 rate is 4.87 percent fully fixed for 20 years. For historical monthly SBA 504 rates, visit tmcfinancing.com.
Contact
TMC Financing
Kori Skinner
415-655-5414
tmcfinancing.com
Kori Skinner
415-655-5414
tmcfinancing.com
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