TMC Closes $10.5 Million Deal for Service West Inc.
East Bay modular office installation business receives SBA financing under new SBA Energy Efficient Public Policy Goals
TMC Development a leading Certified Development Company providing SBA loans in California and Nevada today announced the closing of a $10.5 million project for Service West Inc. an East Bay-based provider of installation storage and delivery services for contract office furniture. A Small Business Administration (SBA) 504 loan was used to purchase a 130000 square foot commercial building located at 2054-2070 Burroughs Avenue in San Leandro. The subject property is a replacement property for 3 existing locations. The Service West Inc. loan was the first project TMC Development had approved under SBA’s new Engery Efficiency Public Policy Goals.
SBA recently expanded the 504 loan program to offer increased financing (up to $4 million on the SBA portion of each 504 loan as opposed to the $2 million standard maximum) for any project designed to reduce energy consumption by at least 10% or which generates renewable energy or fuels.
“Service West is a perfect example of how recent changes to the SBA 504 loan program make this type of financing an even better fit for larger projects” said Barbara Morrison President of TMC Development. “With a high loan-to-value ratio significant fee reductions as part of the President’s effort to stimulate the economy with the ARRA and SBA’s new energy policy it is truly an ideal time for businesses to take advantage of available 504 financing.”
SBA interest rates are at historic lows and financing is available for projects up to $20 million. TMC has been providing SBA financing to borrowers for over 25 years. TMC’s staff works directly with borrowers first mortgage lenders and real estate brokers to tailor financing packages that meet SBA program guidelines and the borrower’s credit capacity. To learn more please visit our website at www.tmcd.com or contact us at 888.989.8855.