TMC Financing provides a $4.2 Million SBA 504 loan for relocation and renovation project
San Francisco, CA (June 11, 2014) – TMC Financing, San Francisco Bay Area’s leading provider of SBA 504 loans, worked with Presidio Bank to finance the $4.2 million relocation for TEF Architecture’s new facility in San Francisco’s Pacific Heights neighborhood. Financing was provided to the new space with a 20-year, fixed-rate, SBA 504 loan. The property totals 12,229 square feet, and is located at 1420 Sutter Street. With this financing, TEF Architecture will relocate to a larger space, stabilize monthly expenses, make building improvements, and hire more employees.
“Because we need to be based in the city of San Francisco, we were susceptible to rapidly rising lease rates. The current rental market is outrageous right now. [With the SBA loan] we are now able to grow and more easily attain our business goals,” said Douglas Tom, co-owner and founder of TEF Architecture and Interior Design, Inc. “TMC was extremely helpful in guiding us through the SBA loan process, and made it feel almost effortless. The SBA loan program has enabled our business to stabilize our payments for an office space,”
“The SBA 504 loan program has allowed TEF Architecture the opportunity to lock in monthly occupancy costs and expand operations, while retaining working capital,” said David Griffis Senior Vice President at TMC Financing, based in San Francisco. Griffis worked with the owners of TEF Architecture and Interior Design, Inc. and San Francisco’s Presidio Bank to supply financing through the SBA 504 commercial real estate loan program.
With the SBA 504 program, borrowers only need to make a down payment as low as 10%, versus up to a 30% down payment, which is required conventionally.
About TEF Architecture and Interior Design, Inc.
Founded by Douglas Tom in 1997, TEF Architecture and Interior Design, Inc. offers a “big firm” experience while maintaining the small design practice interaction. The firm supplies services to a multitude of industries, most notably: healthcare, education, housing, public and office buildings. TEF Architecture focuses on craftsmanship, performance, value, and sustainability to create imaginative and enduring places where people come together to share ideas and build communities. To find out more about the firm, check out their website: http://tefarch.com/.
TMC Financing provides Small Business Administration (SBA) 504 real estate financing and is the leading Certified Development Company (CDC) in Northern California and Southern Nevada. In the past 30 years, TMC has provided over $7.5 billion in SBA 504 financing for more than 4,500 businesses. This financing has resulted in the creation of over 33,000 jobs. TMC has been ranked in the top five Certified Development Companies nationwide for over a decade. For more information, visit tmcfinancing.com.
About the SBA 504 Program
The SBA 504 Program 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 May SBA 504 interest rate is 5.07% fully fixed for 20 years. The typical loan structure for an SBA 504 loan comes from a first mortgage with a conventional lender and a second mortgage from a certified development company (CDC).