Toole’s Garage Secures $1.2 Million SBA Real Estate Loan
As published in: Yahoo! Finance
Toole’s Garage Secures $1.2 Million SBA Real Estate Loan from TMC Financing
San Carlos Auto Shop Purchases Facility with SBA 504 Financing
TMC Financing (www.tmcfinancing.com), a leading Certified Development Company (CDC) providing Small Business Administration (SBA) 504 real estate financing in California and Nevada, today announced that San Carlos-based business Toole’s Garage (http://www.toolesgarage.com) has purchased an industrial building with a $1,210,000 SBA 504 loan from TMC. The SBA loan financed a 7,000 square foot property located at 1065 Washington Street, San Carlos, California.
“By securing SBA 504 financing to purchase a building, Toole’s Garage is replacing a leased location while gaining increased space and the long-term stability of property ownership,” said Barbara Morrison, President & CEO, TMC Financing. “The SBA 504 loan program offers small businesses like Toole’s an accessible investment opportunity with below-market interest rates and as little as 10% down required.”
TMC worked with Toole’s Garage to provide 90% financing via the SBA 504 commercial real estate loan program. SBA 504 financing offers businesses below-market, fixed rate financing for the acquisition, renovation or construction of commercial real estate. SBA 504 loans allow business owners to become their own landlord while retaining working capital to grow the business and create new jobs. The October SBA 504 interest rate is 4.09%, fully fixed for 20 years.
Toole’s Garage of San Carlos is a professional auto shop that specializes in Honda, Acura and Infiniti repairs and services. Started in 1983, it was one of the first Honda specialty shops on the Peninsula. David Toole, the current owner, had started with the shop in 1988, working there for many years before moving on and gaining more experience as a manager. He came back and purchased the business in 2009. The customer base has grown tremendously and Toole has created a family centric business with his son Beau working as the shop’s Service Manager. Toole’s Garage takes pride in working to provide superior customer service and fair prices.
During the past 30 years, TMC has provided approximately $7.2 billion in SBA 504 financing for more than 4,200 businesses throughout California and Nevada. This financing has resulted in the creation of 27,000 jobs. TMC has been ranked in the top five Certified Development Companies nationwide for over a decade, and is the number one SBA 504 Lender in Northern California and Las Vegas. TMC’s experienced 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. For more information, visit www.tmcfinancing.com or http://www.sba.gov.