With interest rates at an all-time low, now is the time to acquire commercial property, says Author/CEO of Mercantile Capital Corp

ORLANDO, Fla. --- Mortgage rates for commercial properties are at their lowest ever and that means now is the best time to acquire commercial property, says Christopher Hurn, chief executive officer of Mercantile Capital Corp. in Orlando. Since Jan. 1, Mercantile Capital Corp. has closed more than 85 commercial loans to finance projects totaling $364 million, and by the end of the year that total could reach $450 million, Hurn projects. Mercantile Capital ranks as one of the nation’s leading providers of U.S. Small Business Administration (SBA) 504 loans for small business owners who want to acquire or develop their own facilities. Hurn said the SBA 504 loan program is offering a fixed 4.16 percent interest rate on a 20-year loan. SBA 504 loan proceeds can be used for a variety of expenses besides development or acquisitions of commercial real estate, Hurn said. “Eligible uses for SBA 504 financing include commercial property remodeling; conversions; expansions or renovations; improvements, including grading, street work, utilities, parking lots and landscaping; energy-efficient “green” projects; purchase of long-life machinery; furniture, fixtures and equipment; contingency reserves; and soft costs,” Hurn explained. As traditional lenders have yet to loosen their purse strings, Hurn said SBA 504 lending ranks as perhaps the nation’s most effective stimulus for economic recovery. “Small business entrepreneurs all across the nation are using 504 loans to secure their enterprises, add more workers and grow businesses,” Hurn said, adding that “interest rates are the lowest ever and its now a once-in-a-lifetime opportunity for entrepreneurs.”