Orlando Title Company Saves Needed Working Capital with an FFC 504 Loan

Michael J. Beasley, owner and operator of Tranco Title, will soon be expanding his business through the purchase of an office building located in Orlando. Thanks to the low down payment usually required by the 504 program, Mr. Beasley was able to preserve the needed cash for working capital.

“My purchase of this property was made possible because of the cash savings in down payment offered by the SBA 504 loan program and its ability to include professional fees and interim interest in the financing. This savings provides my company with a good working capital cushion as we move into our new building.” said Beasley.

He continued, “Working with Jerry Mayes of FFC was a real pleasure, as he took all the headaches out of putting together my loan application and he took care of all the paperwork related to the SBA portion of my financing.”

Mr. Beasley has been in the title insurance business since 1995 and started Tranco Title in April of 2001. His company’s services include issuing lender’s and owner’s title insurance policies, title searches and abstracts, escrow, 1031 Exchanges, preparation of documents, clearing judgments and/or liens on title. Tranco Title offers statewide closings anywhere in Florida.

Mayes is a Vice President of Florida First Capital Finance Corporation (FFC) and is in charge of his company’s business development in the Orlando and Central Florida markets. Mayes reports that Beasley was very pleased to find out that, because FFC’s effective rate is the lowest of all the CDC’s in Florida, his payments on the 40% second mortgage part of the financing will be 3/8 th’s of one percent lower than he could get elsewhere – a good savings in interest costs over the twenty year life of his loan.

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