This business owner was in need of quick working capital and didn’t have time to wait for an SBA or bank loan. She didn’t want to be bogged down with an expensive daily payment Merchant Cash Advance, and was referred to SECC for our competitive Business Term Program and creative underwriting.

We are very pleased to announce that South End Capital Corporation (SECC) has been named “Best Hard Money Lender for Small Businesses” by Fit Small Business (fitsmallbusiness.com), a highly respected and in-depth reviewing website for all products and services related to small business. FitSmallBusiness.com currently attracts a monthly readership of over 450,000 readers.

When a real estate property management company without collateral needs working capital, the only option is usually an expensive daily payment merchant cash advance (which were the only other offers this borrower received). SBA financing is tricky for real estate related businesses and bank financing without collateral is equally as hard. Even many MCA funders have real estate related companies on their restricted lists.

These borrowers were in the midst of a long SBA loan process with another lender when they were referred to SECC. They were in need of quick working capital to meet their growth needs and couldn’t wait any longer for their SBA lender to follow through. SECC funded $30,150 of unrestricted working capital in 2 days and with no prepayment penalty, so when the SBA loan did come together our financing could be paid off with no penalty. SECC also structured a monthly payment fixed for 10 years and with no interest guarantee.

This $215,000 rehab and refinance loan of a vacant, non-owner occupied SFR, was funded without any credit report, tax returns, 1003, personal financial statement or property financials (we never require any of these items for this program). SECC provided a 12 month, interest only bridge loan at 215% of “as is” value and 75% of “as renovated” value. Final terms were 12.5%, 3.99 points, no prepayment penalty, interest guarantee or exit fee. SECC also funded a $140,000 rehab component which was 100% of the budget requested.

This $136,300 rehab and purchase loan of a vacant, non-owner occupied SFR, was funded in 21 days without any credit report, tax returns, 1003, personal financial statement or property financials (we never require any of these items for this program). SECC provided a 12 month, interest only bridge loan equaling 80% of the purchase price plus 100% of the $31,300 rehab budget.  Final terms were 12.5%, 3.99 origination points, no prepayment penalty, interest guarantee or exit fee. The population of Beaufort, SC is 12,120 people and is 34.8 miles to Savannah which is the closest city with over 100,000 people. 

Most business term lenders have the logging industry on their restricted list, but not SECC (we don’t have one!). Instead of contending with the usual daily payment merchant cash advance offers, this borrower was referred to SECC where creative financing is the norm. We funded his transaction in 3 days and provided a monthly payment fixed for 10 years with no prepayment penalty.

This borrower was not eligible for SBA financing because of the $250,000 judgment he had in place. Not only did SECC fund this law firm at competitive terms, but we did so with the judgment in place, on a weekly payment schedule and only requiring 6 months of bank statements.

This $165,900 rehab and purchase loan was funded in 20 days. No credit report was pulled on the borrower nor was a credit score required. SECC provided a 12 month, interest only bridge loan at 90% LTV, 12.5% and 3.99 points. This loan had no prepayment penalty,interest guarantee or exit fee. SECC also funded a $35,000 rehab component which was 100% of the budget requested.

SECC provided a $2,700,000 SBA 7(a) refinance of $2,377,582 of first mortgages secured by three assisted living facilities located in Santa Barbara, CA. SECC delivered $322,000 of working capital, a 5.50% quarterly adjustable interest rate amortized over 25 years, and funded this loan in 60 days!

SECC funded this $200,000 loan which included over $150,000 of unrestricted cash-out. The vacant 3 family property was purchased at the end of 2014 and the borrower undertook an extensive rehab. Funds were needed to complete property improvements, secure tenants and invest in additional real estate. This was a no tax return, no DSCR or DTI loan, which SECC closed in 28 days.

SECC provided a $2,100,000 SBA 7(a) refinance of a $1,806,355 first mortgage secured by an owner occupied retail store located in Daytona Beach, FL. SECC delivered almost $300,000 of working capital, a 5.50% quarterly adjustable interest rate amortized over 25 years, and funded this loan in a little over 30 days!

SECC’s non-owner occupied (NOO) residential loan program is an asset based loan program offering aggressive terms and fast closings. We offer bridge, rehab and permanent loans up to 90% LTV, no prepayment penalty options and we don’t require DTI, DSCR or financials of any kind. We even have no credit score loan options. Competitive referral fees are paid to approved partners.

This borrower, a current Funding Circle client, was turned down by them for additional credit he urgently needed to take advantage of a business investment opportunity. Although the borrower received multiple daily and weekly ACH financing offers, finding a competitive term offer to take a second position behind Funding Circle was next to impossible for him.

SECC was able to fund the borrower the cash he needed in less than 2 days, provide a monthly payment fixed for 10 years, offer no prepayment penalty or interest guarantee and provide a 24% rate with 5 points.