Pete Morones, a bilingual clinical psychologist, didn’t have to think twice about buying a building to house his office. It made sense to purchase a building for his practice rather than continuing to pay rent. Morones now owns his own office building and rents out space to others. Most people aspire to own a building for the same reason they aspire to own a home; they are more in control of the use and the cost. Evergreen Business Capital helped Morones buy his own real estate through the Small Business Administration's 504 loan program. “Morones needed $370,000 to buy the building — at a time when the economy was tanking and banks just didn't want to lend," recalls Evergreen Senior Loan Officer Lori Milton.
Morones is a business banking client with Bank of America. Lori Milton asked the bank to loan Morones the money for his building. The bank funded Morones $250,000, Evergreen funded $83,000 and Morones came up with the rest.
Proceeds from 504 loans must... Read More