Monterey Motorsport Park — a unique car community featuring the next evolution in luxury garage-condos — is drawing a mix of individuals who need a place to store their car collections and memorabilia, as well asa select group of small businesses. These business owners include:
- Gordon McCall of McCall Events — Organizes and hosts the elegant McCall’s Motorworks Revival event at the Jet Center that kicks off Monterey Car Week, as well as many other hot-ticket gatherings on the Monterey Peninsula. Gordon will store his collection of cars and motorcycles in his unit as well, and his painter/photographer wife, Molly, will use space for an art gallery.
- Next-generation auto sales businesses — Individuals who apply for either wholesale or retail dealer licenses from the DMV and handle most of their transactions online.
- High-end auto shops and other automotive related businesses
- Non-automotive-related businesses — Personal service businesses where the user just needs an office
Variety of SBA Financing Available from TMC Financing
With Monterey Motorsport Park now working with TMC Financing — a premier SBA lender that’s provided more than $9 billion in loans for over 5,000 businesses in California and Nevada, making them the top lender in both states — small businesses in need of financing to purchase their garage-condo now have a ready resource available.
TMC Financing provides two types of SBA loans:
- SBA 504 loans — Specifically designed to help businesses buy commercial real estate and other fixed assets at below-market, long-term, fixed interest rates. Rates have recently been at around 4%.
- SBA 7A loans — Financing with 25-year amortization that can be fixed or variable for five years, with resets every 5 years. Depending upon the lender, rates have ranged recently from 5.5% to 7%.
SBA 504 loans are ideal for purchasing a unit at Monterey Motorsport Park because small business owners can put as little as 10% down (some start-ups and single-purpose facilities may require a slightly higher down payment) and keep the rest of their capital working for them in their business. The below-market rates are fixed and fully amortized over 25 years, so there’s no balloon.
There’s also no maximum amount with SBA 504 financing — unlike with an SBA 7A loan — and borrowers can hold multiple SBA loans at the same time, up to the SBA’s aggregate lending cap of $5 million.
Prequalifying Speeds Purchase Process
TMC Financing can prequalify luxury garage-condo buyers at Monterey Motorsport Park by reviewing three years of business and personal tax returns, interim business financial statements that are less than 90 days old, a schedule of any business debt, and a personal financial statement.
Because TMC partners with a bank on every SBA 504 transaction, the firm has solid relationships and understands the banking landscape. This can help TMC source the best lender to maximize your chances for quick approval.
Located adjacent to the airport along Highway 68, Monterey Motorsport Park is truly a one-of-a-kind opportunity for individuals and business owners who are collectors or motorsports enthusiasts. The facility offers high-end, secure units — with roomy garage spaces and unique mezzanines 13 feet above the garage floor that can be customized into leisure retreats or offices to manage a business or handle personal affairs. Amenities include:
- Completely fenced facility — with access-controlled entry, video surveillance and pro-active remote guarding services
- Oversized roll-up doors for easily moving vehicles into and out of your garage-condo
- A separate walk-in door for owners and guests
- Soaring ceilings in each unit to as much as 25 feet
- High-speed fiber optic Internet and cable TV access
Construction is progressing rapidly (see our live cam) with move-in scheduled for the last quarter of this year. To learn more about Monterey Motorsport Park, contact one of our brokers or development team members:
- Josh Jones, Cushman & Wakefield, Josh.Jones@cushwake.com, (831) 647-2106
- Ryan Clark, Cushman & Wakefield, Ryan.p.Clark@cushwake.com, (831) 755-1635
- Dennis Chambers, firstname.lastname@example.org, (408) 605-6760
- You can also get in touch with Gordon McCall, who’s part of the development team and will be relocating his business — McCall Events — to the community upon build-out, at email@example.com or call (831) 372-9311.
- Or you can contact Ralph Borelli at firstname.lastname@example.org or call (408) 521-7117.