Guaranty Bank and Trust, a ValueXpress banking partner, closed on a loan for the construction of a 9,960-square-foot retail building located at 4207 Clay Street in Vicksburg, MS for a ValueXpress client. The loan amount will be $945,000 when fully funded. Total project costs are an estimated $1,545,000. The property will contain 7 tenant spaces, 5 occupied by companies owned and operated by the applicant. The 5 spaces will contain 4 businesses: a Subway restaurant, a liquor store/warehouse, an ice cream store and a hair salon. Owner occupancy will be 72%.
The short-term construction loan will be replaced by a 25-year permanent loan with an SBA 7(a) loan guaranty. ValueXpress has completed the loan package on behalf of Guaranty Bank and has submitted the loan to the SBA for 7(a) approval. The project is expected to be completed in six months and the loan converted to permanent status at that time.