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Spirit of St. Louis Airport (SUS)
Chesterfield, MO
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Financing

Financing is available from local lenders for the purchase of any hangar. Royal Banks is very familiar with the development. Click here for proposed terms. Enterprise Bank & Trust and Commerce Bank will also finance a hangar purchase. See below for contact information for these lenders.

Andrew Eisen
Commercial Relationship Manager
Royal Banks of Missouri
13171 Olive Blvd.
St. Louis, MO 63141
Phone: (314) 212-1671
Fax: (314) 212-1699
eisena@royalbanksnet.com

Kenneth R. Gumper, Jr.
Senior Vice President
Enterprise Bank & Trust
300 St. Peters Centre Blvd.
St. Peters, MO 63376
Direct Ph. # (636) 442-3908
Cell Ph. # (636) 399-6046
Direct Fax # (314) 812-1545
KGumper@enterprisebank.com

Kristy (Siebert) Hess
Assistant Vice President
Commercial Real Estate Division
Commerce Bank
8000 Forsyth Blvd.
St. Louis, MO 63105
Ph: 314-746-7204
Fax: 314-746-3663
Kristy.Hess@CommerceBank.com

Businesses that create new jobs may qualify for one of the Small Business Administration loan programs described below. Using Small Business Administration (SBA) financing, purchasers may qualify for 90% financing (10% down payment). The SBA financing program was created by the United States Congress to stimulate business and to give small companies an opportunity to own their own real estate. The underwriting requirements are rather liberal and most experienced and many new start-up companies qualify.

There are two SBA loan programs available to buyers, the 504 and the 7a.

SBA 504 REAL ESTATE LOANS

Financing

The SBA 504 program combines a conventional first deed of trust from a local lender in the amount of 50% of the purchase price with SBA financing secured by a second trust deed in the amount of 40% of the purchase price (total=90% financing). The buyer invests only 10% in cash equity and pays loan fees and closing costs. At today's low interest rates, the monthly payments are well below market rents for comparable properties. And, of course, owners of real estate have the right to deduct annual depreciation from their taxes.

TERMS OF THE 504 PROGRAM
  • Low FIXED rate.
  • Only 10% cash down payment - compared to 25% to 30% for conventional real estate financing.
  • 20-year fully amortized - compared to 5 to 7 year terms with many lenders
  • Only 51% occupancy by owner / borrower required. If you don't need the entire unit, lease out the unused portion and expand into it later.
  • Funds for additional or custom interior improvements to your unit can be included in SBA financing.
TERMS OF THE 7a PROGRAM
  • Loan is from a single source, typically a local bank.
  • Low adjustable rate, tied to the prime lending rate.
  • Only 10% cash down payment - compared to 25% to 30% for conventional real estate financing.
  • 25-year fully amortized - compared to 5 to 7 year terms with many lenders
  • The 7a program is a multi-purpose loan that can provide financing for real estate purchases, interior improvements, equipment purchases and working capital.
MISCELLANEOUS INFORMATION
  • The SBA lender will arrange the financing with the bank and the SBA. You need only provide information about your company, including financial statements and tax returns.
  • You can borrow 90% of the purchase price of your unit plus up to 90% of any custom interior improvements that you may need.
  • The monthly mortgage cost is generally far below the costs of renting a comparable property.
  • Owners of HANGARS AT SPIRIT receive all tax benefits offered to owners of real estate including annual depreciation.
  • Owners of HANGARS AT SPIRIT benefit by the appreciation in the value of their property (instead of giving these benefits to landlords).

For further information, please contact:
Doug Schell
EDC Small Business Finance
2008 National SBA 504 Lender of the Year
5988 Mid Rivers Mall Dr.
St. Charles, Mo. 63304
636-441-6880 x 250 office
314-330-3815 cell
636-441-6881 fax
dschell@edcscc.com



ALL BUILDING DIMENSIONS SHOWN ARE NOMINAL. ACTUAL DIMENSIONS MAY VARY DUE TO CONSTRUCTION CONDITIONS.
Site Plans, elevations, amenities, specifications, prices and building dimensions are subject to change without notice.

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