Mercantile Capital Corporation, which specializes in providing property financing for small business owners via the U.S. SBA 504 loan program, closed a commercial loan in Winter Haven, FL for Golden Corral Buffet & Grill recently for $3,706,211 in total project costs.
Online PR News – 07-May-2013 – Orlando, FL – Mercantile Capital Corporation, which specializes in providing commercial property financing for small business owners via the U.S. Small Business Administration 504 loan program, closed a commercial loan in Winter Haven, FL for Guyer Corral Ventures, LLC d.b.a. Golden Corral Buffet & Grill recently for $3,706,211 in total project costs.
Loan proceeds will finance the ground-up construction of a 7,500 square foot full-service restaurant, to operate as Golden Corral Buffet & Grill, owned by franchisee Britt Guyer and his wife, Skylaar. The restaurant will be open 7 days a week for lunch and dinner, as well as breakfast on Saturdays and Sundays.
“Working with the Mercantile Capital team has been a rewarding experience,” said co-owner, Britt Guyer. “They moved quickly and efficiently toward the goal, so that we could open our business a soon a possible.”
The SBA’s 504 loan program offers record below-market, fixed interest rates; up to 90-percent loan-to-cost financing; and 20-year terms for projects up to $15 million for small business owners, like the Guyers, who want to acquire or develop their own facilities.
Golden Corral Buffet & Grill will host a ground-breaking event for the restaurant, which is about to begin a four-month construction process. Members of both the local media and the general public are invited to attend the event, which will take place at 5722 Cypress Gardens Blvd. on May 8, 2013 at 11:00 a.m. Mayor James H. “J.P.” Powell and members of the Winter Haven Chamber of Commerce are expected to join the Guyers and General Manager Warren Farris at the event.
Of the restaurant’s upcoming construction, Britt says: “We look forward to bringing the Golden Corral brand—as well as over 75 new jobs—to the Winter Haven community. The ground breaking of our new restaurant marks both the start of an incredible journey, as well as the culmination of a dream.”
The target date for opening the new restaurant is September 2013.
For more information, visit http://www.504Experts.com and http://www.504Blog.com.
Entrepreneur, Speaker, Writer/Blogger, Leader. Mercantile Capital Corporation only finances commercial real estate for other entrepreneurs and small business owners all over the U.S. utilizing the SmartChoice Commercial Loan program (aka the SBA 504 loan).