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ALTAMONTE SPRINGS, FL-Small business owners, searching to acquire or develop their own facilities, have found a relatively unpublicized lender in locally based Mercantile Commercial Capital LLC, seven miles north of Downtown Orlando. In the last 12 months alone, the bank has closed 25 real estate loans totaling $24 million and has opened offices in Tampa, Miami and Chicago.

“Unlike conventional lending, we typically finance 90% of the total project cost, inclusive of purchase price, construction costs, soft costs and closing costs–not a percentage of the appraised value or purchase price, whichever was less,” Chris Hurn, the the licensed mortgage lender’s president and CEO, tells GlobeSt.com.

In Tampa, Mercantile closed five commercial loans valued at $4.1 million since April. The the lender specializes in US Small Business Administration 504 loans. Among it’s larger loans locally was $2.5 million to Wickham Service Group LLP, doing business as Uno Chicago Grill.

The loan was set up as a 25-year, $1.5-million, first-mortgage construction loan that would shift to a 20-year, $970,000, second-mortgage permanent loan when the construction phase was completed. The loan to total project cost ratio was 80%.

Another construction-to-permanent loan setup was created for Consume Connections Corp. The total loan amount of $1.5 million included a first mortgage of $823,500 for 25 years and a second mortgage of $658,800 for 20 years. The loan to total project cost ratio was 90%.

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