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%.
We are pleased to announce that we have provided $230,000 to a Gas Station / C-Store and $220,000 to an Emergency Response Service via our Subprime SBA program. Both loans carried an 8.25% interest rate, were amortized over 10 years and had no prepay penalty.
US Business News issued a press release today announcing the winners of their 2019 Finance Elite Awards. South End Capital led the pack in the non-conforming commercial real estate category and was further selected as a featured lender in their awards publication. Noah Grayson, South End Capital’s President was interviewed for the article.
In 29 days we funded $252,000 for a 70% LTV auto-repair warehouse purchase loan for a borrower with 654 credit, who wanted a fast and affordable permanent mortgage. We underwrote off bank statements only and paid for the appraisal upfront (The borrower only paid $500 out-of-pocket which we credited back at closing). The interest rate was 9%, fixed for 5 years and amortized over 30 years.
South End Capital Corporation (SECC), the innovative, non-conforming real estate and business lender, commemorated its 10th year in business on February 21 with the launch of a new 30-year fixed small-balance commercial mortgage product. To celebrate, the company is also lowering rates….
Below is a selection of our recent Subprime SBA business loan closings. These loans for non-conforming borrowers, carried an 8.25% rate, were amortized over 10 or 25 years and most had no prepay penalty.
We’ve introduced the following new SILVER and GOLD level incentives to reward our partners who refer us repeat business…
Thank you to our valued Referral Partners, Borrowers, Colleagues and Friends for your support over the past 10 years. We look forward to many more great years to come!
We funded this $700,000, 70% LTV purchase loan in 28 days, with no tax returns and based on bank statement income only. We provided a 5 year fixed loan, amortized over 30 years at just 6.875%.
As a private, direct lender, South End Capital is not beholden to the government to purchase or approve the loans we make. This is why, during the government shutdown, we were still able to provide business owners and property investors affordable capital when many government dependent lenders could not. It’s encouraging that the government has temporarily re-opened, but borrowers should never have to worry that their access to capital will be impacted due to a political stalemate they have no control over.