TMC Financing Makes Building Ownership Easy for Tough Media
Tough Media, a professional athlete management firm representing MMA fighters, purchases office & training facility in Los Angeles with SBA 504 loan from TMC Financing.
Los Angeles, CA, March 25, 2015 (Newswire.com) - TMC Financing today announced the owners of Tough Media Corp. financed the purchase of a 7,250-square-foot building at 24333 Narbonne Avenue in Lomita, California using the U.S. Small Business Administration 504 real estate loan program. The building, which previously housed a karate school, will serve as the professional athlete management agency’s corporate headquarters, as well as a training center for Tough Media-affiliated Black House team fighters. The total project cost is $900,000.
“We got a great deal on the building and were able to buy it under market value,” said Ed Soares, Tough Media president. “In the end, our payments are cheaper than our previous lease, so financially it’s a smart move. The building will increase the assets of our business since over the next few years it will only increase in value.
“The loan process was awesome,” Soares said. “Some people complain that SBA financing is a headache, but it was smooth for us. We got it done in one meeting. It didn’t really even feel like a process it was so easy and seamless.”
“Hasmik Byers at City National Bank was our partner for the first mortgage,” TMC Financing SVP Ron Coomes said. “It was rewarding to work together to help such a unique small business take that next step in their growth process. Owning your own building really stabilizes occupancy costs, plus the low down payment of the SBA 504 program frees up capital for other uses.”
Tough Media represents elite mixed martial arts fighters, including Lyoto Machida, currently the top-ranked UFC Middleweight and former UFC Middleweight Champion Anderson Silva.
About SBA 504 real estate loans
The Small Business Administration 504 loan program allows small-business owners to finance commercial real estate and other fixed assets with long-term, below-market, fixed interest rates. SBA 504 loans can be used to finance the total project cost (TPC), which can include the purchase price, construction/renovations, equipment, soft costs and closing costs. A typical 504 loan project requires a down payment of only 10 percent of the TPC from the borrower, with the remaining amount split between a first mortgage provided by a commercial lender and a second mortgage provided by a certified development company (CDC). By enabling owners to keep their capital working to grow the business and create jobs, the 504 program provides businesses and communities long-term stability. Business owners can confirm they meet the qualifications for an SBA 504 loan by visiting the TMC Financing website at tmcfinancing.com.
About TMC Financing
Founded in 1981, TMC Financing is the largest provider of SBA 504 real estate financing in Northern California and Nevada. TMC consistently ranks among the top CDCs nationwide, funding projects worth more than $8 billion across California and Nevada. More than 4,700 businesses have benefitted from this financing, resulting in the creation of an estimated 35,000 jobs. For more information on SBA 504 loans and the local businesses they support, visit tmcfinancing.com.