This business had accumulated high-interest rate debt and now needed an affordable consolidation loan and fresh working capital. The borrower desired reasonable terms but had low credit, no commercial real estate collateral and didn’t want to pledge his home. We provided a $170,000 consolidation and working capital loan at 7.75%, amortized over 10 years, with no prepay penalty and didn’t require the borrower to collateralize his home.

SECC was able to provide a $984,000 debt consolidation loan utilizing a 2nd mortgage on the borrower’s primary residence and residential investment property. The final interest rate was 7.75%, amortized over 10 years and with no prepayment penalty.

FedEx ground routes are historically difficult business purchases to finance. Since there is no significant collateral other than the delivery trucks and the income from the route itself, banks and most SBA lenders stay away. We were able to finance this business purchase at a rate of 7.75%, amortized over 10 years and with no prepayment penalty.

Through its innovate “no credit minimum” business line of credit program, South End Capital provided this construction company near immediate access to funds. The program requires no paperwork and has industry leading low rates starting at only 0.4% (just $4 paid on a $1,000 borrowed).

We are pleased present this selection of fourteen (14) recent Subprime SBA loan closings. These closings show that affordable financing, with rates in the 6% to 8% range, is available for borrowers with FICO scores from 550 and for those with unique or no collateral or outside-of-the-box business needs.

Trying to get a competitive, permanent fixed rate loan for a special-purpose property is next to impossible for most borrowers–but not if you come to us! We funded over $400,000 of unrestricted cash-out secured by a nightclub/bar and required no tax returns, financials or 4506T. We provided a 5 year fixed loan, amortized over 30 years at 8.375% and with a customized 5%, 4%, 3%, 2%, 1% declining prepayment penalty.

This borrower needed a loan for working capital and to purchase new tractor trailers for his trucking company. He wanted a competitive rate, but he had no real estate collateral, just the trucks to be purchased. We provided $150,000 of unrestricted working capital and $1,000,000 for the purchase of new trucks without any real estate collateral required. The loan was amortized over 10 years with a 7.5% rate and no prepayment penalty.

This loan request first came to us in June of 2017 and multiple times thereafter. Each time we offered the client competitive terms and the promise that we fund his loan quickly. After spending a year and thousands of dollars in search of a better rate with other lenders who couldn’t perform, the borrower came back to us and we funded his loan in 10 days. We used the existing appraisal he had paid for with another lender, saving time and money.

Our Subprime SBA Program doesn’t just work great for borrowers with low credit, but also for unique businesses that other lenders won’t touch. We provided $350,000 of unrestricted working capital for an amusement park at an 8.5% rate, 10 year amortization and no prepay penalty.

The borrower sought working capital at affordable terms which was difficult with < 640 credit, back income taxes and no real estate collateral. This loan was a great fit for us since we require no collateral for SBA loans < $500,000, consider low credit and allow back income taxes on an IRS payment plan.

Proceeds also went to pay off delinquent real estate taxes and address over $190,000 in roof repairs (we only required an $18,000 roof repair hold-back to close). Even though the borrowers had 649 and 671 middle FICO scores, we still funded a stated income 3 year fixed loan, amortized over 30 years with a 10% rate.

The borrower sought unrestricted working capital at affordable terms which was difficult for an international shipping co. with no real estate collateral. We require no collateral for our subprime SBA loans < $500,000 so this loan was straightforward for us. The borrower received $200,000 of unrestricted working capital at closing at a 7.5% rate, amortized over 10 years and with no prepayment penalty. The borrower also received a loan commitment within 2 weeks of his initial loan application.

This borrower wanted an easy loan process for his restaurant/bar without the stringent demands of an SBA or bank loan. In 35 days we funded a 75% LTV loan with $330K+ of unrestricted cash-out (no tax returns, financials or 4506T were required) at an 8.75% rate, fixed for 5 years and amortized over 30 years.

This loan was turned down by multiple SBA, bank and non-conforming lenders before we received it. The primary collateral was an athletic club that consisted of a large amount of excess land for multiple sport courts and a pool. The property and business were very special purpose…

To apply for a Business Term Loan starting at 9.99% and receive $5,000 to $500,000 in as little as 24 hours, apply here. Experience an easy, light documentation process with a lender that’s funded $8 Billion to businesses, has an A+ BBB rating and 9.6/10 TrustPilot reviews.