A short while ago the CARES Act was signed into law, making $349 billion available to small businesses! So what does this mean for you? If you already have an application in with us for CARES Act SBA business financing, please be assured that you have a secure place in our queue.

We have received hundreds of emails and calls from business owners confused about the SBA relief funding options available. One of the most prevalent questions we have been ask is, “What is the difference between the SBA EIDL and CARES Act program, and which is better?” Business owners also want to know what loan terms are available and if they can apply for both types of relief funding. Outlined below, and to the the best of our ability based on the information available, are the differences between the two programs and the broad strokes of what each entails

Last night the Senate passed the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), that should it become law (the House will vote on Friday), would expand allowable uses of 7(a) loans to include payroll support (including paid sick or medical leave), employee salaries, mortgage payments, insurance premiums and any other debt obligations.

We’re proud to announce our recent Scotsman Guide March Featured Done Deal! We provided a $768,000 multifamily loan via our small balance real estate program. We are actively lending, and our remote staff is ready to help you! We charge no upfront fees, applying with us won’t affect your credit and takes only about 1 to 5 minutes.   

South End Capital, a nationwide, non-conforming lender providing commercial real estate mortgages, subprime SBA loans, and business financing, has announced its second restaurant loan funding in less than a week.

“Yesterday, while we were delivering $917,000 to an Ohio restaurant in great need of financing, we received news that 3 large national business lenders had terminated lending, and dozens more have put funding on hold” said Noah Grayson, President of South End Capital. “I founded South End Capital in 2009 to help small business owners access capital in times just like these. Our lights are on and we are actively lending.”

$431K refinanced the restaurant’s mortgage, $225K paid off existing SBA loans, $156K paid off a 19.7% business loan + other debt, and the balance was for working capital and closing costs. We delivered a 6% rate, 25 year am., and 100% LTC.

What if I said you could get a loan to buy a self-storage facility in three to six weeks, start to finish, even if you have credit issues, with more flexible terms than you could get from a bank? If you don’t know much about nonconforming loans, you might say I’m crazy—crazy like a fox, that is.

Yesterday, the Congressional Small Business Task Force unveiled a $300B Emergency Coronavirus Relief Package as part of the Keeping Workers Paid and Employed Act, Division A of the CARES Act, This includes:

We provided $400K to refinance the borrower’s existing restaurant, and $1.26M to purchase a vacant restaurant, 8-room motel, and single family home to start a new business. $125K of working capital was also funded. A 92.8% LTC, 6% rate, and 25-year amortization were delivered.

Yesterday the SBA released updated, and more relaxed criteria for Disaster Assistance Loans. The SBA will provide this funding directly, not through us or any other lenders. Your welfare is very important to us, so we wanted to make sure you had this information. 

“Over the last week we’ve been contacted by numerous small business owners seeking disaster relief loans, because they have experienced a sudden decline in their revenue due to rapidly deteriorating economic conditions brought on by the coronavirus” said Noah Grayson, President of South End Capital. “I founded South End Capital in 2009 during the midst of the Great Recession, and developed our loan programs to accommodate small business owners and real estate investors who need affordable access to capital in times just like these.”

We closed a 6.5% rate, 10-year fixed, 25-year amortized, 74% LTV investment property loan. Barriers included collateral located in Alaska, low documentation underwriting, and a high LTV.

Below area selection of subprime SBA loans we recently closed. Also, we’re extending our underwriting fee waiver indefinitely. Apply with no risk and pay $0 until you receive a loan commitment (or a decline if ineligible).

This 7.5% rate, 10 year term loan, had no prepay penalty, consolidated ~$4M of debt, and provided ~$1M for working capital and equipment. There was no real estate collateral except a small 3rd lien filed on the borrower’s home. This business had a $600K+ 2018 loss, and borrower credit was <650.

Have you ever tried to get a conventional business or SBA loan but couldn’t qualify, or just didn’t want to deal with all the paperwork? Our new “unconventional” conventional program, has all the benefits of bank or SBA financing, but is NOT bank or SBA financing. 

Locating a hard money loan to fix and flip an investment property may seem like a daunting task. There are so many lenders on the internet offering all types of programs, but don’t get distracted by gimmicks or teaser rates.

These are no credit score minimum, no tax return purchase, refinance, or cash-out loans up to 80% LTV, with rates from 5.75% fixed for up to 30 years, on the below property types.

Below are a selection of subprime SBA loans we recently closed. Also, we’re extending our underwriting fee waiver until 2/29/20. Save up to $2,500 and pay $0 until you receive a loan commitment (or a decline if ineligible). We closed a 7.5% rate, 100% LTC, 25-year term loan. $1M of debt, 16 liens, paid off over 3 entities (5.5% to 60% rates). Projection based loan, 0.44x 2018 DSCR.

We have a number of promotions running in February as well as program updates we’d like to remind you about. Through 2/29 pay $0 until loan commitment when you apply for a subprime SBA loan. Get working capital, purchase a business or real estate, consolidate debt.

Below are a selection of non-conforming commercial and non-owner occupied residential real estate loans we recently funded. We funded a 6% rate, 30-year fixed, 80% LTV loan, with a 5% for 3 year prepay penalty, in 31 days. Barriers included unrestricted cash-out and a fast close. 

Noah Grayson, President of South End Capital, a nationwide, non-conforming lender providing commercial and non-owner occupied residential real estate mortgages, and subprime SBA loans, has been accepted into Forbes Real Estate Council, an invitation-only community for executives in the real estate industry.

Below are Small Balance Real Estate loans we recently funded. We made a ton of improvements in 2019 to make us your best option for low documentation, non-conforming commercial and investment residential real estate loans.

Below are subprime SBA loans we closed that were turned down by other SBA lenders or were thought to be SBA ineligible. Also, we’re extending our underwriting fee waiver until 1/31/20. Save up to $2,500 and pay $0 until you receive a loan commitment (or a decline if ineligible).

Starting today and until the end of 2019, we are waiving the out-of-pocket underwriting fee for our subprime SBA program. Pay $0 until you receive a loan commitment (or a decline if ineligible). Save up to $2,500 and apply with no risk!

This cash-out ($108K) refinance was for an 8,000 sq. ft. building occupied 100% by the borrower’s business. An easy non-SBA permanent mortgage was requested and no tax returns were available. We underwrote income off of bank statements only, and funded a 75% LTV, 5-year fixed, 30-year amortized loan at 8.125%.

Below are recent subprime SBA loans we provided for borrowers who were turned down by other SBA lenders or didn’t believe they could qualify for SBA financing. All rates were prime + 2.75% (currently 7.5%), the same rates most conforming SBA lenders charge. 

The problem stems from trying to teach financial responsibility too late in life, says Noah Grayson, president and founder of Norwalk, Conn. -based South End Capital. He advocates introducing young people to finance at the same time they’re learning history, algebra and other standard subjects in school.

South End Capital Corporation (SECC), the nationally recognized, non-conforming real estate and business lender, is pleased to announce a plethora of innovative program and process improvements set to take effect immediately.

Sometimes it seems your only choices in funding a commercial real estate deal lead to a short-term trap. You have the option of gambling on an adjustable interest rate, or going for a fixed-rate loan that resets with a new interest rate after a few years. 

South End Capital is pleased to announce the closing of this $525,000 owner-occupied office refinance loan in Alabama. The borrower’s short-term loan had expired in March of 2019 and the current bank would not offer a refinance. A conventional or SBA loan was not possible with the current loan maturity date passed, and the borrower in need of an alternative income documentation loan.