Solterra Home Concepts
Custom home and commercial builder, Solterra Development Inc., has received an SBA 504 loan secured by SBA lender, Enterprise Funding Corp. In collaboration with a local bank, Enterprise Funding assisted Solterra through every step of the loan process and provided the business with a jointly-funded $1.5 million commercial mortgage loan.
Solterra can now purchase two new buildings totaling more than 16,500 square feet to accommodate larger staff and start a commercial division to bid on commercial construction projects, tenant improvements, and even government projects. The commercial building was designed by renowned Palm Springs architect, Donald Wexler, and is ideally located on a high-profile street in the uptown district of Palm Springs which will drastically increase the company’s exposure.
“We pride ourselves on servicing every client, large or small, big budget or small budget, with the utmost respect and quality,” said Solterra principal, Michael Flannery. “With the loan secured by Enterprise Funding, we can now purchase a building of our own, grow our revenue, and invest in the space just like we invest in our people.”
Since its founding in 2004, Solterra has established a reputation for building cost-effective green projects with a modern edge and specializes in contemporary and mid-century architecture. Solterra built the first LEED-Certified home in Palm Springs, CA and its work has been cited in such notable publications as the L.A. Times and Architectural Digest, and received accolades as one of the Top 100 Remodelers in the U.S. in 2010 and 2011.
Enterprise Funding has worked extensively in the Coachella Valley to fund SBA 504 loans for several companies and in some cases, has helped businesses avoid foreclosure. Because many SBA 504 loans only require 10 percent down, it allows business owners to grow their business without the higher costs of traditional business loans.
For more information about SBA 504 loan in Coachella Valley, contact Lucas Sceranka, Enterprise Funding’s Coachella Valley representative, directly at (909) 792-3803 x 102