As published in: Market Watch
Concord-based Construction Company Purchases Industrial Building with SBA Financing and Creates Jobs
TMC Financing (TMC Financing) a leading Certified Development Company (CDC) providing Small Business Administration (SBA) 504 real estate financing in California and Nevada announced today that Wingard Construction Inc. (Wingard Construction) has purchased a Concord warehouse with an SBA 504 loan for $2000000. The project includes a 16000 sq. ft. building located at 5143 Port Chicago Highway Concord California.
“By requiring only 10% down and offering low interest rates business owners are able to adjust their costs for growth potential and long-term stability with the SBA 504 loan program” said Barbara Morrison President and CEO TMC Financing. “Wingard expects to retain enough working capital as a result of the SBA loan to create 10 new jobs in the next 2 years.”
TMC worked with Wingard Construction Inc. 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. The October 504 interest rate is 4.09% fixed for 20 years.
Wingard Construction Inc. was started in 1996 and is a full-service general contracting company that specializes in unique renovations and restorations for commercial and residential properties.
During the past 30 years TMC has provided approximately $7.2 billion in SBA 504 financing for more than 4200 businesses throughout California and Nevada. This financing has resulted in the creation of 27000 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 TMC Financing or SBA.