Mini of San Francisco Leverages SBA 504 Financing to Open Van Ness Avenue Showroom
As Published in: Yahoo Finance
TMC Financing (www.tmcfinancing.com), a leading Certified Development Company (CDC) providing Small Business Administration (SBA) 504 real estate financing in California and Nevada, announced that BMW of San Francisco (http://www.bmwsf.com) has purchased a building with the help of SBA 504 financing to expand their operations. The newly acquired 45,000 square foot building is located at 799 Van Ness Avenue in San Francisco, CA and will be used exclusively by Mini of San Francisco (http://www.minisf.com) to promote and offer the Mini-Cooper line of cars.
“Mini of San Francisco turned to TMC for an SBA 504 loan when the need to expand their location became apparent,” said Barbara Morrison, President & CEO of TMC Financing. “One unique aspect of SBA 504 financing is the ability to include tenant improvement costs which in this case enabled Mini to finance the renovations needed to turn the building into a top-of-the-line showroom. “
TMC Financing worked with Mini of San Francisco to provide 90% financing for the $12 million total project cost via the SBA 504 commercial real estate loan program. SBA 504 financing offers businesses below-market, fixed rate financing for the acquisition, renovation or construction of commercial real estate. SBA 504 loans provide long-term stability for businesses with the ability to retain working capital which can be used to further grow the business and create new jobs.
This is the second SBA loan BMW of San Francisco has obtained in order to support their business growth. BMW of San Francisco has been in business since 1960. The company has a tremendous selection of new BMW cars, SUV’s and Mini-Coopers and is committed to providing the highest standard of customer services.
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.