TMC Financing today announced that Grace Adult Day Health Care purchased a new location in Santa Clara by taking advantage of the SBA 504 program. Partnering with Bridge Bank, TMC Financing provided a 20-year fixed rate loan as part of the financing.
March 11, 2014 (Newswire.com) - MC Financing today announced that Grace Adult Day Health Care purchased a new location in Santa Clara by taking advantage of the SBA 504 program. Partnering with Bridge Bank, TMC Financing provided a 20-year fixed rate loan as part of the financing for the acquisition, allowing the borrower to finance 90% of the project. The new property features a 14,774 square foot building located at 3010 Olcott Street in Santa Clara.
"In March 2013 we lost the lease for our building in Sunnyvale." said Manochehr Pouransari, owner of Grace Adult Day Health Care. "We were given six months to relocate our day clinic. Without an SBA 504 loan, we would not have been able to purchase our new facility and would have had to close our clinic. This could have been a disaster for hundreds of our elderly clients, who desperately need our medical care. "
"Grace Adult Day Care is the perfect example of how TMC and the SBA 504 program can help small businesses and communities thrive." said Bruce Whitaker, Senior Vice President of Business Development at TMC Financing. "This is why I get up every morning loving what I do. At TMC we work hard to help neighborhood businesses, who are making a difference in the lives of others."
TMC Financing partnered with Bridge Bank, the first mortgage lender on this project. The client's broker was a representative from Cassidy Turley BT Commercial. All teams are based in the San Jose area.
"TMC Financing was critical in helping us secure the SBA 504 loan. Their help and direction was greatly appreciated. Without TMC, there is no telling where our business would be today." said Pouransari. Pouransari and wife, Suzanne have been co-owners of Grace Adult Day Health Care since the company began in 2002. The Pouransari's have over 30 years combined experience in senior care and business ownership.
About the SBA 504 Program
SBA 504 financing offers businesses below-market, fixed rate financing for the acquisition, renovation or construction of commercial real estate. SBA 504 loans provide long-term stability for businesses with the ability to retain working capital, which can be used to further grow the business and create new jobs. The February SBA 504 interest rate is 5.30% fully fixed for 20 years. The typical SBA 504 loan structure is a combination of a first mortgage from a conventional lender and a second mortgage from a certified development company (CDC).
TMC Financing provides Small Business Administration (SBA) 504 real estate financing and is the leading Certified Development Company (CDC) in Northern California and Southern Nevada. During the past 30 years, TMC has provided over $7.5 billion in SBA 504 financing for more than 4,500 businesses. This financing has resulted in the creation of over 33,000 jobs. TMC has been ranked in the top five Certified Development Companies nationwide for over a decade. TMC's experienced team works directly with borrowers, lenders and real estate brokers to tailor financing packages that meet SBA program guidelines and the borrower's credit capacity. For more information, visit tmcfinancing.com.