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Pacific Mercantile Provides $6MM to Otay Mesa Sales

March 12, 2015, 07:46 AM
Filed Under: Rental

Pacific Mercantile Bank 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."

"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. "We are very pleased that we can expand our relationship with the company and help support their continued growth."

Pacific Mercantile Bank provides a wide range of commercial banking services to businesses, business owners and business professionals through its combination of traditional banking financial centers and comprehensive, sophisticated electronic banking services.

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