SBA 6-Month Performance Report: Florida First Capital Sustains Statewide Loan Production Lead
Halfway through the Small Business Administration’s (SBA) 2019 fiscal year, Florida First Capital maintained its lead in SBA 504 loan production approved dollar totals in Florida. The company has earned Florida’s top lender spot among all SBA lenders statewide (504 and 7(a) programs) for the last 3 years in a row.
According to the SBA, as of March 31, Florida First Capital produced 118 SBA 504 loan projects resulting in $115,293,000 of approved 504 dollars and $259,409,250 in total project financing.
In fact, those numbers outpace this time last year with a 34% gain in loan projects and a 46.8% gain in both approved 504 dollars and total project financing.
The company is also currently ranked 3rd nationally among all active Certified Development Companies.
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-Prime, fixed interest rates and amortization terms up to 25 years for the purchase of major fixed assets, such as owner-occupied commercial real estate, energy efficient “green” initiatives and/or fixed 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 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 Alabama, Florida or South Georgia, contact a Florida First Capital Loan Officer or email us at info@FloridaFirst.com. Phone: 850.681.3601 or toll-free at 800.504.LOAN.