Categorized | Smart Phone App

Take the guesswork out of buying commercial property…

Take the guesswork out of buying commercial property…Owning commercial property is the logical next step for many small business owners — they own their home, they created their company, now it makes sense to own the property their business occupies. This can be an overwhelming undertaking for lots of small business owners — many of us are extremely busy and intensely focused on the day-to-day operations of our businesses, and this will be the biggest purchase many business owners will ever make. But there are ways to simplify the process, and the SmartChoice® Commercial Loan Calculator is where to start.

What This App Does

In a matter of seconds, the SmartChoice® Commercial Loan Calculator will tell you exactly how affordable a particular commercial building is. It’s designed to answer the following questions:

- What will my down payment be?

- How much will my monthly payments be?

- What are the current interest rates I can expect?

- What are my loan options?

The answers to these questions will help small business owners know whether owning is the right decision for them right now and/or whether a particular property is right for them. Commercial real estate brokers (and other small business advisors) will also find this helpful — they won’t waste time showing their small business clients properties that won’t fit their budgets. This app is a helpful tool that will save time and resources when small business owners are looking for the right commercial property.

Take the guesswork out of buying commercial property…

Chris Hurn, CEO

Who Created This App

My name is Chris Hurn, and I’m the CEO and Cofounder of Mercantile Capital Corporation. We’re a commercial lender that specializes in commercial real estate financing for small business owners. That’s it — that’s all we do — and we’ve become the industry-acknowledged experts at it. We’re a three-time Inc. 500|5000 honoree, two-time SBA Financial Services Champion, and I was named a 2012 Top 100 Small Business Influencer for my advocacy on behalf of small business owners.

I’ve been featured in national and regional publications including the Wall Street Journal, the New York Times, Bloomberg BusinessWeek, FranchiseTimes, the Sacramento Bee and many others; I’ve appeared on FOX Business news four times as well PBS’ Nightly Business Reportto discuss what can be done to help small business owners grow and create jobs; and in 2012 I’ve testified in person and submitted written testimonies to both the U.S. Senate and the U.S. House of Representatives in hopes of improving the credit situation for small businesses.

I started this company back in late 2002 because I realized that many lenders weren’t acting in the best interests of their small business clients. What I mean is this: there exists a loan program designed specifically for small business owners who want to own their commercial property, but most lenders won’t talk about it unless pressed into doing so. This superstar of a loan program is the SBA 504 loan program (aka the SmartChoice® Commercial Loan).

Some lenders would rather not bother with it because they stand to make less money than with an ordinary commercial loan; others aren’t knowledgeable enough to understand all the benefits and/or complete the loan properly. I saw this play out time and time again when I worked for GE Capital years ago, and I decided that small business owners could benefit from a company who did nothing but provide SBA 504 loans (and did them well).

The reason this particular loan is so important is that small business owners can acquire or develop (construct) their commercial facilities with as little as 10 percent down and with below-market, long-term, fixed interest rates. Ordinary, conventional commercial loans require two to three times this amount of down payment, and often have variable interest rates which make it difficult for business owners to plan for future growth since they don’t have any real control over their real estate expenses.

Why This App Matters

We at Mercantile work very hard to help educate small business owners and their advisors about the benefits of the SmartChoice® Commercial Loan, and the SmartChoice® Commercial Loan Calculator helps us do that even better. Whenever a calculation is performed, the user is presented with an estimated down payment, an interest rate range, and an estimated monthly payment range.

These numbers are estimates, because every small business commercial real estate project is different, and there are other variables to consider when it comes to actually securing funding for a particular project. Nonetheless, these numbers are realistic expectations that are based on current interest rates (updated regularly). The calculations performed by this app can be relied upon by small business owners and their advisors. But we even take it one step further.

After each calculation, you have the option to compare the results (the estimates for SmartChoice® financing) with ordinary bank financing. We understand that not everyone will pursue a SmartChoice® loan for their project, but they can still know what to expect when they go talk to their commercial banker. Armed with the information provided by the SmartChoice® Commercial Loan Calculator, small business owners are better prepared to get the best deal for their commercial real estate projects.

Who This App Is For

We designed this smartphone app with two people in mind. First, of course, is the small business owner who wants to own his or her commercial property. The four most common questions we get from our small business clients are answered by this app:

- What will my down payment be?

- How much will my monthly payments be?

- What are the current interest rates I can expect?

- What are my loan options?

Take the guesswork out of buying commercial property…The small business owners we work with run the gamut in terms of savvy. Some have purchased commercial property before; they know what they’re getting into and what to expect. Others have never done it before and will only do it once ever. And then there are those who fall in between, who know enough to be dangerous but also know they need some guidance along the way. This app will be useful to all of these business owners because it gives them information they can use to make sure they’re on the right track and are getting the best treatment they deserve from their commercial real estate broker, commercial mortgage broker, and/or commercial lender.

This app is also for the people who advise small business owners. Those professionals can use this loan calculator to give their clients timely, accurate information about what it will take to purchase or construct commercial property. Rate sheets and other quickly-out-of-date lending information have given way to this user-friendly, on-the-go, always-up-to-date tool.

How to Use This App

There are lots of ways to use this app and the information it generates. Small business owners can use it to make sure their commercial real estate broker knows their stuff and/or is actually helping them. If they’re showing properties you can’t afford, they’re wasting your time. Likewise, commercial real estate brokers can use this app to make sure they don’t waste their or their clients’ time. They can also use this information to help market or promote their commercial listings by including expected monthly payment and interest rate details. Commercial mortgage brokers can use this app to quickly give their clients an accurate idea of what sort of financing scenario they can expect. The app also has a feature that allows users to save the calculation details for future reference, and even email those results to themselves or someone else.

What This App Costs

In a word, nothing. It’s absolutely free. We’ve built two versions: one for iOS devices (iPhone, iPod and iPad) and one for Android devices. Both are available for download via the iTunes App Store or Google Play, respectively, and there is no cost. We want to get this helpful tool in the hands of as many small business owners and small business advisors as possible so that more business owners can realize how realistic the possibility of owning their commercial property can be, and how they can do it the right way to create wealth for themselves and grow their businesses.

Where to Find This App

You can find the SmartChoice® Commercial Loan Calculator by searching for it in the iTunes App Store or Google Play. You can also go to www.504Experts.com/smartchoice-loan-calculator to read more about the app and watch a brief introductory video from me.

Where to Learn More

If you have any questions about our app or what Mercantile Capital Corporation can do to help you as a small business owner or small business advisor, you can email me at [email protected]. I’m also about to have my first book published. It’s called The Entrepreneur’s Secret to Creating Wealth: How the Smartest Business Owners Build Their Fortunes, and it will be launched on October 1, 2012.

When you purchase two or more books (one for you and one to give away) during the presale (happening right now on Amazon.com — http://amzn.com/159932315X), we’re donating the net proceeds to the National Federation of Independent Business (NFIB) Young Entrepreneur Foundation. All we need is proof of the purchase — the receipt can be emailed ([email protected]), faxed (407-682-1632), or mailed to us (60 N. Court Ave., Suite 200, Orlando, FL 32801). We’re hoping to get this book (another useful tool in addition to our smartphone app) in the hands of as many small business owners as possible and raise some funds for a very worthwhile (and entrepreneurial) cause at the same time.

Connect with us online:

Facebook — https://www.facebook.com/MercantileCC

Twitter — http://twitter.com/504experts

YouTube — http://www.youtube.com/504LoanExperts

Google+ — http://gplus.to/MercantileCC

LinkedIn — http://www.linkedin.com/company/mercantile-capital-corporation

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