Listed here are the most commonly asked questions about who we are and how we operate. If you have a question that is not found here, please do not hesitate to contact us and we will be happy to address it.
Is SECC a direct lender?
Yes. SECC is a direct lender licensed under California Finance Lenders License # 603 L334. SECC funds non-conforming and private money loans from $50,000 to $5 million in markets nationwide. SECC also functions as a correspondent and preferred origination point for a small group of banks, institutional lenders, investment funds and private finance companies. In states where SECC is not licensed as a commercial mortgage lender or commercial mortgage broker (and licensing is required), SECC acts strictly as a loan packager for, or a referral source to, those entities licensed to lend on commercial real estate.
Why should I work with SECC over other lenders?
If you are a broker or borrower looking for financing in this market, you know the process can be difficult and painstaking. The loan programs SECC offers are genuine, competitive (or more than competitive), and they perform. We handle the majority of the process so that you can focus your efforts on what’s most important to you. We also offer approved partners fee incentives and provide a full suite of customizable loan documents, training tools and support.
Does SECC charge upfront fees?
Once SECC has analyzed a loan submission and determined its eligibility for financing, a Letter of Interest (LOI) is issued. Upon acceptance and signing of the LOI, the borrower will be required to pay a non-refundable underwriting and/or appraisal fee ranging from $0.00 to $2,500.00 depending on the loan size and complexity of the transaction. Refunds will not be issued on transactions that do not close because of borrower/broker misrepresentation, cancellation, delays, inability to meet documentation or information requests, omission or fraud, or due to adverse results of third-party reports. A previously submitted underwriting or appraisal fee will be returned only in the rare event that a loan does not close due to SECC error or failure to perform as outlined in the LOI.
Does SECC charge loan points and/or fees at closing?
In most situations, SECC is compensated directly by our investors or from the sale of our loans, thus we do not ordinarily charge the borrower any excessive points or fees. We will always provide a fee quote up front upon request so there are no surprises for the broker or borrower.
How long does it take to close a loan with SECC?
We have closed private money (bridge) real estate loans in as little as 1-2 weeks, and private money business loans in as fast as 1-2 days. On average it takes approximately 2-4 weeks to close a Small Non-Conforming loan transaction. SBA transactions can take anywhere from 45-90 days.
Does SECC issue forward commitments?
No. A loan commitment will never be issued for your transaction unless it is presently ready for closing and funding.
Does SECC offer loan programs outside of the United States?
No. We offer loan programs in all 50 states, and most domestic primary, secondary and tertiary markets, but we do not offer any loan programs in any other countries, under any circumstances.
What collateral will SECC lend against?
Only commercial real estate, 1 to 4 unit residential properties held (or to be acquired) for investment or business purposes, businesses and business assets are eligible for financing under our programs. We do not offer financing on owner occupied residential properties, securities or any other types of collateral.
Does it cost money to become a partner with SECC?
No. Simply contact us to let us know that you would like to be set up as a partner, and we will forward the documentation and/or information requests necessary for your approval; there is no cost.
Are mortgage brokers or third parties ever considered representatives, partners, agents or employees of SECC?
No. No entity or individual other than SECC’s sole principal, Noah Grayson, has any authority to make statements, representations, negotiate terms of a letter of interest or accept payments on behalf of SECC. SECC has no subsidiaries, partners, parent companies or agents, and only those individuals listed on the SECC website and who have a southendcapital.com email extension and SECC phone number, are authorized to transact business for SECC. Any third parties found to be making claims of affiliation with SECC, or representations on behalf of SECC, will be viewed as having committed fraud and be prosecuted to the fullest extent of the law. If you feel you have encountered individuals or entities committing such fraud or falsely identifying themselves as connected to SECC, please contact Noah Grayson immediately at firstname.lastname@example.org or (888) 268-7778 x 5.