Pacific Mercantile Refinances Equipment Loans for Otay Mesa

Pacific Mercantile Bank announced it has provided approximately $6 million to Otay Mesa Sales 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.

“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. “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.”

“Otay Mesa Sales is an incredible story of entrepreneurial success and has grown into one of the largest sellers of forklifts and heavy equipment in the Southwestern United States,” said Tom Vertin, president of Commercial Banking for Pacific Mercantile Bank.

San Diego, CA-based Otay Mesa Sales is a source for construction and industrial equipment sales and rentals.

Like this story? Begin each business day with news you need to know! Click here to register now for our FREE Daily E-News Broadcast and start YOUR day informed!

Leave a comment

View Latest Digital Edition

Terry Mulreany
Subscriptions: 800 708 9373 x130
[email protected]
Susie Angelucci
Advertising: 484.459.3016
[email protected]

View Latest Digital Edition

Visit our sister website for news, information, exclusive articles,
deal tables and more on the asset-based lending, factoring,
and restructuring industries.