ValueXpress obtained a $945,000 first-mortgage loan commitment from its Mississippi banking partner, Guaranty Bank, for the construction of an 9,960-square-foot retail building located at 4207 Clay Street in Vicksburg, MS. The proposed loan amount is $945,000 and 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 commitment is subject to receipt of 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 approval. The project is expected to be completed in 6 months.
“This a good client of mine who wanted to own the real estate in which they operate their businesses instead of leasing,” commented Jay Bhakta, a senior loan originator at the ValuXpress Jackson, MS office. “It is tough to find construction loans right now, but with our excellent relationship with Guaranty Bank and the SBA, we were able to get this done for the client.”