SBA Mid-Year Performance Report: Florida First Capital Continues to Lead in Loan Production
Halfway through the Small Business Administration’s (SBA) 2017 fiscal year, Florida First Capital maintained its lead in SBA 504 loan production in Florida, both in number of loans and dollar totals.
According to the SBA, as of March 31 Florida First Capital produced 129 SBA 504 loan projects resulting in $116,453,000 of approved 504 dollars and $262,019,250 in total project financing. Florida First Capital is also ranked #3 nationally among all Certified Development Companies.
The company earned Florida’s top lender spot among all SBA lenders statewide (504 and 7(a) programs) for FY 2016 and is currently outpacing itself at the six month mark over last year by more than $42 million of approved 504 dollars and over $96 million in total project financing.
SBA 504 Loans are provided in partnership between nonprofit,- SBA regulated Certified Development Companies, like Florida First Capital, and commercial lenders. Working with more than 200 participating commercial lending partners across the state, Florida First Capital provides up to 90% financing at below-market, fixed interest rates and long amortization terms for the purchase of major fixed assets, such as owner-occupied commercial real estate, energy efficient “green” initiatives and/or heavy duty machinery and equipment.
Typically, a commercial lending partner provides financing for 50% of the 504 loan and takes a first lien position; Florida First Capital/SBA provides 40% of the project financing and takes a second lien position; and the borrower provides a down payment of just 10% in most cases.
504 loans provide up to $5 million for standard and public policy projects (aggregate limit) and up to $5.5 million per green initiative and small manufacturer projects. These are SBA 2nd mortgage loan portions only; there is no limit on overall project dollar size.
For more information about SBA 504 loans in Florida, South Alabama or South Georgia, contact a Florida First Capital Loan Officer or email us at firstname.lastname@example.org. Phone: 850.681.3601 or toll-free at 888.320.5504.