FREE SUBSCRIPTION Includes: The Advisor Daily eBlast + Exclusive Content + Professional Network Membership: JOIN NOW LOGIN
Skip Navigation LinksHome / News / Read News


Pacific Mercantile Provides $6MM Refi for Construction Equipment Reseller

March 13, 2015, 06:00 AM

Pacific Mercantile Bank ("the Bank"), the wholly owned subsidiary of Pacific Mercantile Bancorp announced that it has provided approximately $6 million to Otay Mesa Sales, Inc. for the refinancing of equipment loans. The recent equipment refinancing expands Pacific Mercantile's ongoing relationship with Otay Mesa Sales, which included a $7.4 million SBA 504 loan to finance a new 140,000 square-foot building and a $2 million working capital credit facility, which were extended during the first half of 2014.

Otay Mesa Sales, Inc. has been a trusted source for construction rental equipment and affordable, new construction equipment sales for more than 15 years. The company specializes in the sale and rental of used construction and industrial equipment from a wide selection of manufacturers and carries more than 2,000 units in stock. Headquartered in San Diego, Otay Mesa Sales ships to all 50 states, Canada, Mexico and worldwide.

"Pacific Mercantile Bank has supported our company for years and has really stepped up to help us implement our expansion plans," said Christopher Merziotis, President of Otay Mesa Sales, Inc. "The Bank is a financial partner that has truly added value to our business. The team at Pacific Mercantile Bank has really taken the time to understand our company, and they have consistently provided valuable advice and developed customized financial solutions that meet our needs."

Comments From Our Members

You must be an Equipment Finance Advisor member to post comments. Login or Join Now.