SBA 504 Loan Helps Spice Up Life for One of Orlando’s Oldest Dwellings
The Dr. Phillips House at the Courtyard at Lake Lucerne is a 10,000 square-foot mansion built in 1893 and listed as a National Historical Landmark. The house was built for Dr. Phillip Phillips, who was a major pioneer in the Central Florida citrus industry, and has hosted decades of monumental events.
Today, the property, which is adjacent to the Dr. Phillips Performing Art Center in Downtown Orlando, is a popular bed and breakfast that continues to host a variety of special events. The property caught the eye of Sourikone ”Chef Lo” Soukhavong when it became available recently.
Chef Lo is a successful hospitality chef of more than 16 years and owner of Millenia Event Catering, an eclectic catering and private chef company serving all of Central Florida.
For his latest venue, Chef Lo turned to the financing experts at Florida First Capital and utilized the SBA 504 Loan Program to finance the $1.7 million acquisition of the Dr. Phillips House, which also included renovation of the historic Victorian Mansion. Working closely with the Historical Preservation Society on the improvements, the structure was transformed into a state-of-the-art event and meeting venue.
“The ability to obtain 90% financing through the SBA 504 Loan Program allowed the company to preserve a substantial amount of capital for subsequent expenses,” said John Hanrahan, Florida First Capital Vice President and Business Development Officer for Central Florida. “Chef Lo was able to preserve a vital link to the community’s rich an vibrant past, while ensuring that it continues to welcome patrons far into the future.”
The SBA 504 Loan Program provides up to 90% financing at below-market, fixed interest rates and amortization terms now up to 25 years for the purchase of major fixed assets, such as owner-occupied commercial real estate and/or heavy duty machinery and equipment.
504 loans are paired with private-sector commercial loans and provide up to $5 million of aggregate SBA eligibility on standard 504 projects; up to $5.5 million per 504 energy efficient green project not exceed $16.5 million in the aggregate; and up to $5.5 million per eligible small manufacturing project with no limit on total SBA dollars available. 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 800.504.LOAN.