TMC Financing’s SBA 504 Loan Program Helped Create a Safe Place for At-Risk Seniors
Clark County, Nevada is home to over 2.2 million people.
It is estimated that 6,000 residents are homeless at any given time.
When the coronavirus pandemic began, action was needed to help the region’s homeless people reduce their risk of infection.
Marcelino Casal, director of Care Well Properties, which operates transitional housing across Nevada, knew it was time to expand his portfolio to help Clark County seniors in need.
To achieve this, Casal needed an affordable financing vehicle that would facilitate a large purchase. In his search for the right solution, Casal connected with Chris Hunter of TMC Financing.
With SBA 504 funding and TMC funding, the Americana achieved its goals
Casal had some experience with federal loan programs. However, he was concerned that the SBA 504 loan process would not meet his financing needs within the tight timelines demanded by the pandemic. He focused on the laser to make sure residents were not turned away and their needs could be met.
By working with Hunter, Casal was able to meet escrow deadlines and purchase The Americana property. He is now ready to continue helping seniors in the long term, thanks to the SBA 504 program.
The SBA 504 loan program offers down payments as low as 10 percent.
Through the program, business owners can purchase commercial real estate with fixed below-market interest rates. Purchases are fully amortized over 25 years and have no lump sum payment. The proceeds can also be used to construct new buildings, upgrade existing buildings, purchase equipment, or convert facilities to energy efficient technology.
“Being able to reduce the down payment requirement by around 30% from a regular business loan allows business operators to raise more funds to operate the business,” Casal said. “Due to the size of the purchase, it made a lot of sense to use the SBA 504 program so that we could reduce our down payment and preserve working capital. “
America Assisted Living Responded to Community Call During Coronavirus Pandemic
The Americana Assisted Living is in the heart of Las Vegas and offers some of the best facilities in Clark County, providing a home for residents who may not have had one in years. It provides personal care, medical services and assistance with activities of daily living to improve quality of life and enhance safety as the pandemic continues.
To learn more about TMC Financing and the small businesses they support, please visit.
About TMC financing
TMC financing is the no. 1 SBA 504 commercial real estate loan provider in the Western United States, helping small businesses grow in California, Nevada and Arizona.
Founded in 1981, it is the West’s first certified development company and has funded projects worth more than $ 10 billion in California, Nevada and Arizona. Approximately 6,000 businesses have benefited from this funding, resulting in the creation of approximately