TMC Financing Ends First Quarter as #1 SBA Lender Nationwide
As Published in : Reuters.com
TMC Financing Ends First Quarter as #1 SBA Lender Nationwide
$77.7 million in SBA 504 loans to local businesses fosters economic growth and job creation
TMC Financing (www.tmcfinancing.com), a leading Certified Development Company (CDC) providing SBA 504 commercial real estate financing in California and Nevada, is ranked by the SBA as the #1 SBA lender nationwide by volume with $77.7 million in SBA 504 loans approved in the first quarter of fiscal year 2012 (October through December). TMC’s borrowers from the first quarter were able to retain 2,664 jobs, and are expected to create 660 new jobs in California and Nevada.
“This is a major milestone for TMC, as it is the first time in our history that we achieved the number one ranking nationwide by volume,” said Barbara Morrison, TMC’s president and CEO. “It it is also an indication that the SBA’s recent changes to the 504 program are resulting in larger loans that enable job creation and economic growth when we most need it.”
For the fiscal year ended September 30, 2011, TMC financed $268 million in SBA 504 commercial real estate loans, a 47% increase over the previous year, leveraging $706 million in total loan financing provided to growing businesses.
SBA 504 loans enable the business owner to purchase, renovate or construct commercial real estate with as little as 10 percent down, using below-market, fixed-rate financing. SBA 504 loans are structured with a first mortgage from a conventional lender, and a second mortgage from a Certified Development Company (CDC), such as TMC Financing, backed by the SBA. (Conventional loans usually require 25% down, making the SBA 504 loans attractive for business owners who are intent on cash preservation.)
ABOUT TMC:
During the past 30 years, TMC has provided approximately $6.4 billion in financing for more than 3,900 businesses throughout California and Nevada. This financing has resulted in the creation of 27,000 jobs. TMC has been ranked in the top five Certified Development Companies nationwide for over a decade, and is the number one SBA 504 Lender in Northern California and Las Vegas. TMC’s experienced staff works directly with borrowers, first mortgage lenders and real estate brokers to tailor financing packages that meet SBA program guidelines and the borrower’s credit capacity. For more information, visit http://www.tmcfinancing.com or http://www.sba.gov.