SECC is pleased to announce the funding of a $354,250 cash-out loan made against a free and clear, non-owner occupied single family residence. The borrower had difficulty finding a lender that would provide unrestricted cash-out, offer a no tax return loan and close quickly at competitive terms. SECC stepped up to the plate on all accounts and paid a generous referral fee to our submitting broker.

SECC is pleased to announce the closing of this $100,000 private business term loan for a home renovation business located in New Jersey. The borrower was looking for quick capital to aid in her business expansion but didn’t want to pay the high interest rates that come with a MCA. In under two weeks SECC was able to close on a 3 year fixed rate term loan at 16.29% and provide a monthly loan payment option that did not require any out-of-pocket costs.

This borrower needed funds fast to assist in the expansion of her daycare to a new location. Since most other private business lenders focus on credit card receivables and this business had none, the borrower was having trouble procuring a loan even at this small size. SECC had no issue with the lack of credit card receipts and quickly provided this loan based on the stand alone cash-flow of the business only.

As the market improves, challengers are giving bridge lenders a run for their money. To stay ahead of the pack, bridge lenders are being forced to lower their interest rates and origination points, loosen documentation requirements and adopt tech-savvy application processes that shorten closing times.

SECC is pleased to announce the funding of a $780,000 cash-out loan made against a free and clear industrial property located in Ohio. The borrower had paid cash for the subject property less than a year ago and sought to recoup his investment. The borrower was unable to provide tax returns, the property was special purpose in nature and the location was less than ideal for most lenders. SECC funded over $720,000 of unrestricted cash-in-hand to the borrower, didn’t require tax returns and paid a generous $23,400 rebate to the submitting broker.

SECC is pleased to announce the closing of a $20,000 private business loan for a daycare located in Columbus, OH. The borrower needed quick funds to assist in the expansion of her business and had difficulty qualifying for bankable financing. SECC was able to provide a fast closing, flexible loan term and unrestricted capital.

SECC is pleased to announce the closing of this $115,000 cash-out refinance loan made against a non-owner occupied two family property located in Staten Island, NY. The borrower sought a loan that would close fast, have no prepayment penalty and give her the unrestricted cash she needed to invest in other real estate. SECC was able to offer a creative financing structure and meet the borrower’s expectations.

This was SECC’s broker partner’s first private business loan. He had heard about SECC’s program and the huge rebates SECC pays and decided to start originating private business loans as part of his business model. Within one week he found a lead and brought it to SECC. SECC flew through the process to close the loan in two days and paid out a massive $3,000 (6%) rebate on this small loan.

We are pleased to announce the closing of a $1,166,000 SBA 7(a) purchase loan. The proceeds were used by the borrower to acquire a vacant 11,000 square foot building to be converted into an auto-service facility. SECC provided a 90% loan-to-value enabling the borrower to save his liquidity to assist in the relocation of his business.

When this borrower came to SECC he had been turned down by numerous other lenders. The property type, the subject property payment history, an existing tax lien as well as the need for a stated loan were all deterrents for other lenders to proceed. SECC was able to underwrite without tax returns, provide a new permanent mortgage at a favorable rate and fund unrestricted cash-in-hand at closing.

This borrower came to SECC with the urgent need to take advantage of an inventory discount that was about to expire. Other lenders considered this loan request too small and the borrower’s 580 credit score and $40K tax lien deal killers. SECC was able to quickly work through these hurdles to provide the funds the borrower needed.

Many lenders shy away from the Cuyahoga County, OH market due to the perception of its current economic state and associated lending risk. SECC was able to work through this common deterrent that stifles other lenders to quickly fund $102,700 against this non-owner occupied 3 family property.

SECC funded a 70% LTV, $80,500 unrestricted cash-out loan on a non-owner occupied three family property located in Newark, NJ. Many lenders were uncomfortable with the market, the pure cash-out request, and the fact that the borrower was seeking a no tax return loan, but not SECC. SECC was able to provide aggressive terms and compensation to its broker partner, why fully meeting the borrower’s expectations.

When this borrower came to SECC he had been turned down by numerous lenders for myriad reasons: The loan request was too small, his credit scores were in the 500s, construction industry, home based business, business operation of less than one year, number of NSFs, no filed business tax return and revenue of around $100,000.

SECC is pleased to announce the closing of a cash-out refinance of a bar and restaurant located in Ohio. Prior to coming to SECC, the borrower had difficulty procuring financing due to the special-purpose nature of the property as well as its market location. SECC was able to refinance the borrower’s existing first lien and provide working capital at bankable terms. Additionally, SECC utilized an existing appraisal and environmental report, saving the borrower substantial costs and time.