SAN FRANCISCO – 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 Autoland has purchased a Hayward location with an SBA 504 loan for $1,600,000. The project includes a 15,750 square foot automotive repair shop and office space located at 25375 Mission Blvd, Hayward, California.
“With today’s low interest rates, many business owners are turning to SBA 504 financing to support plans for expansion,” said Barbara Morrison, President and CEO of TMC Financing. “Autoland obtained the SBA 504 loan to purchase an additional auto shop, and expects to add at least 3 jobs to staff the new location.”
Bruce Whitaker, Vice President – Business Development of TMC Financing, worked with Autoland to provide 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 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 January SBA 504 interest rate is 4.04%, fully fixed for 20 years.
Established in 2009, Autoland specializes in buying and selling quality pre-owned vehicles. The company obtains its inventory through private wholesale auctions, private owners and trade-ins. Autoland will then recondition the vehicles, service them to high safety measures, and sell to the public.
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 30,000 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 http://www.tmcfinancing.com.