July 2020
Commercial Lending
We’re Getting SBA 504 Deals Done, and at a Record Pace!

According to the Small Business Administration (SBA), as of June 30, 2020, Florida First Capital remained the #1 ranked SBA 504 lender in the nation among all active Certified Development Companies for 9 months in a row, and we’re not slowing down!

Florida First Capital works with more than 200 participating commercial lending partners across FloridaFlorida First Capital – a multi-state nonprofit Certified Development Company operating in Florida and dba First Capital Finance in Alabama and South Georgia – has produced 243 SBA 504 loan projects to date this fiscal year, which ends Sept. 30, resulting in $258,192,000 of approved 504 dollars and $580,932,000 in total project financing, according to the SBA.

Compared to 2019 YTD, that’s a 19% increase in number of loans and a whopping 46.5% increase in approved dollars.  We are also on pace with our July production to best a company record of 32 deals in 1 month.

We’ve also been actively expanding our professional staff of loan officers and processing, credit underwriting, closing and servicing personnel to not only handle our production growth and expansion outside of Florida, but to also ensure we continue to provide excellent customer service and strong bottom line results for our lending partners and customers alike.  We will continue working hard to earn your business each and every day.

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 (no ARMS) and amortization terms up to 25 years (no balloons) for the purchase of major fixed assets, such as owner-occupied commercial real estate, energy efficient “green” initiatives and heavy duty machinery and equipment, as well as the refinance of commercial mortgage and other business debt with or without a cash-out option.

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.