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.

This business owner needed to pay off expensive MCAs and expand. With 650 credit and MCAs on his books, banks and mainstream SBA lenders were not a fit. We paid off his MCAs and provided unrestricted working capital at 8.25%, a 10 year am. and no prepay penalty.

This borrower wanted a low priced permanent loan without the headache of working with a bank, but had < 700 credit and needed to close in a revocable trust. We funded unrestricted cash-out (required no tax returns, financials or 4506T) at 7.25%, fixed for 5 yrs. and amortized over 30 yrs.. The submitting broker earned $9,000.

The borrower was only required to put down 10% on the purchase of this assisted living business and its 3 locations in NC. We also provided $30,250 of working capital at closing to assist with the ownership transition. The final rate was 7.25% and was amortized over 25 years.

Last week, we had the pleasure of speaking with one of our newer partners, Noah Grayson. Noah is the Managing Director and Founder of South End Capital Corporation. Founded in 2009, SECC is a nationwide, non-conforming lender providing a variety of financing options, primarily in the commercial real estate and business loan space. In our conversation, we discussed trends he’s seeing in small business lending, and the massive changes occurring in the finance industry, brought on by the internet and big data. He also shared some helpful tips for small business owners and first-time borrowers looking to work successfully with a broker or lender and avoid the dangers of fraud.

South End Capital Corporation (SECC) announced today that it is once again making waves in the lending business—this time, defying the bridge lending industry’s penchant for collecting large upfront fees or due diligence deposits. SECC Managing Director Noah Grayson explained: “Traditionally, bridge lenders or hard-money real estate lenders demand large due diligence deposits upwards of $30,000. They also mandate the order of their own appraisal reports. But SECC’s core commercial bridge program [from $250K to $5M] does not require upfront due diligence fees.” A third-party appraisal or site inspection fee of a surprisingly low $1,500 to $3,000 is the only fee required after a letter of intent has been issued.

South End Capital Corporation (SECC) announced today that it has increased its maximum loan-to-value (LTV) to 80% for stated-income commercial real estate loans. The new LTV program is offered under SECC’s small-balance commercial real estate loan program from $250,000 to $5,000,000. It is designed for property investors or business owners who can’t document personal or business income but who have personal credit scores over 700 (borrowers with less than 700 credit can still receive stated income financing up to 75% LTV).

South End Capital Corporation (SECC) announced today that its new, “No Credit Check” Business Line of Credit program introduced only two weeks ago, has already approved dozens of credit lines—most in less than 24 hours.

South End Capital Corporation (SECC) announced today it has surpassed $100M in subprime Small Business Administration (SBA) loan closings, demonstrating that SBA loans are not just for A paper small business owner borrowers. According to SECC Managing Director Noah Grayson, “Most small business owners and business loan brokers believe that the SBA loan program is only for borrowers with high credit ratings in mainstream industries, who demonstrate consistent profitability over a long period. Yet this just isn’t the case.”

This 12 unit mixed-use property located in a small city in Florida had been mostly vacant for years. There were 4 retail tenants on the ground floor but the upstairs residential portion was completely uninhabitable. Our borrower, a first time investor who rented her primary residence, saw an opportunity here and needed a lender to take a chance on her.

South End Capital Corporation (SECC) announced today it has finalized a strategic capital relationship that will now enable the firm to offer inexpensive business lines of credit to its clients without requiring a credit check. “Offering a business line of credit without a credit check is an industry first,” stated SECC Managing Director Noah Grayson. He added, “Today, a business owner can’t even get a credit card without having his credit score pulled.” The new, ground-breaking program is available to most businesses in operation for more than six months and with greater than $25,000 in annual revenue.