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.
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.
We provided a $1,205,000, 167% LTV loan which included about $300K of working capital and consolidated $900K of debt. The property housed the borrower’s business and primary residence. Monthly business debt was reduced from roughly $14K to $9K. The final rate was 8.25% and was amortized over 25 years.
We are pleased to announced the funding of this low documentation refinance loan secured by a 3 building property comprised of a used auto dealership, an auto-body shop and an auto-paint shop. The co-borrower had a 667 credit score but we underwrote the primary borrower’s higher score and provided a 5 year fixed, 30 year amortized loan at 7.5%.
South End Capital has recently announced the closing of 6 subprime SBA loan closings. These loans were provided to business owners who were previously shutout of financing from other SBA lenders. Borrowers with low credit, past derogatory issues, and unique situations are all considered under South End Capital’s program.
Starting today our SBA underwriting fee will be waived for first responders (police, firefighters and EMS). This fee waiver will constitute a savings of up to $2,500, and will enable first responders to proceed through our SBA loan process up until the issuance of a loan commitment, with zero out-of-pocket costs.
Starting today our SBA underwriting fee will be waived for any veteran of the US armed services. This fee waiver will constitute a savings of up to $2,500, and will enable veterans to proceed through our SBA loan process up until the issuance of a loan commitment, with zero out-of-pocket costs.
We refinanced the 1st mortgage on this TX warehouse, paid off $109K of IRS tax liens and provided $15K of cash-out. We required no tax returns for this 75% LTV loan and we delivered a 5 year fixed, 30 year amortized rate at 8.625%.