Keller Williams Southern Nevada has purchased an office building with the help of TMC Financing and the SBA 504 loan program. TMC Financing provided $1.3 million of the project’s $3.1 million total project cost for Keller Williams’ 15,224 square foot office space. The balance of the loan was provided by Bank of America.
The new Keller Williams Southern Nevada office is now open at 10424 S. Eastern Avenue in Henderson. “We had been renting for eight years,” said Jaime Velez, operating partner of Keller Williams Southern Nevada. The franchise is Keller Williams’ second largest in Nevada, with 150 real estate agents that are all based out of the new Henderson office. “Now that our group purchased the building through an SBA 504 loan, we have another way of creating opportunities. As with residential properties, it is always better to purchase than to rent.”
Velez said his company is growing, and is expected to finish 2014 with approximately 30 percent more sales than it had in 2013. “We ended the third quarter with $163 million in sales, and expect to exceed $200 million by the end of the year,” he said. “We outgrew our other facility where we were renting. Now that we own our own facility, we have double the space and a much more modern office to accommodate future growth.”
Working with TMC Financing to secure an SBA 504 loan was much easier than expected, according to Velez. “They are very efficient,” he said. “This was important because I am very busy. They took us through the process while keeping us informed every step of the way. It was a smoother process than I expected and we are very happy with the result.”
The new Keller Williams Southern Nevada office building will accommodate its projected growth over the next several years, according to Velez. “We are a full service real estate company with services that include residential buyer and seller representation, property management and commercial real estate representation,” he said. “With the Las Vegas real estate market expected to continue its recovery over the next two years, we are looking forward to a stabilization that will lead to new growth opportunities. Everyone on our team is more than a real estate agent, they are business owners They value education and training to service their clients better, and as a result sell more homes per agent than most of our competitors.”
About SBA 504 Loans
The U. S. Small Business Administration (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 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).
About TMC Financing
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. During 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. TMC’s experienced team works directly with borrowers, lenders and real estate brokers to tailor financing packages that meet SBA program guidelines and the borrower’s credit capacity. For more information, visit tmcfinancing.com.