SECC Funds Cuyahoga County $102,700 Stated Cash-Out Refinance

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 Pays 3% Broker Fee on $80,500 NOO 3 Family Funding

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.

SECC Gives New Business Jump Start

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 Closes a $435,000 SBA 7(a) Cash-Out Refinance of a Bar & Restaurant

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.

SECC Pays 6% Rebate on $25,000 Express Loan Closing

SECC is pleased to announce the closing of a $25,000 working capital loan under it’s Private Business Express Program. This was an unsecured business loan provided to a motel operator located in North Carolina. SECC was able to approve the loan within 48 hours and offer an interest rate significantly less expensive than the merchant cash advances (MCAs) and credit cards many business owners use to finance their operations.

SECC Closes $160,000 Private Biz Loan in 10 Days, 1.5% Rebate Paid

SECC provided a $160,000 private money business term loan to a technology export company based in Georgia. The borrower needed funds quickly to take advantage of an inventory acquisition opportunity and desired a reasonably priced loan with no prepayment penalty.

SECC’s Managing Director Noah Grayson Authors Featured Article in Scotsman Guide’s May Issue

Many commercial originators spend an inordinate amount of time trying to pin down large real estate purchases and refinances. And that’s not surprising because commercial real estate is frequently tied into originators’ loan requests, making it easy to fall prey to this kind of tunnel vision.

10 Day Close! SECC Funds $169,000 Preschool Cash-Out Refinance

SECC is pleased to announce the funding of a cash-out refinance for a preschool located in Georgia. The borrower, a seasoned investor and real estate entrepreneur, was seeking a stated loan program that would close fast and take out the high interest rate private loan he had used to acquire the property. SECC provided a 3/25 loan at 9.875%, $40K  of unrestricted cash-out and closed in 10 days!

South End Capital Funds $30,000 Church Unrestricted Cash-Out Refinance

SECC provided a $30,000 loan secured by a traditional church building located in Tennessee. The property was free and clear and SECC funded unrestricted cash-out, underwrote the loan on stated information and wrote a permanent 10 year fixed rate loan at 11.375%.

South End Capital Closes $12.6M in ‘Non-Conforming’ Loans in March: Over $100M Projected for 2015

Earlier this week, niche lender South End Capital Corporation (SECC) announced an impressive $12,575,750 in total March closings, just the latest feat in the company’s trajectory toward its objective: to become a premier lender by meeting the unmet financing needs in the commercial real estate and business marketplace.

South End Capital Closes $300,000 Private Business Loan: 5 Year Term, 1.5% Broker Rebate

SECC provided a $300,000 private business loan unwritten strictly on the cash-flow of the borrower’s business and without requiring any underlying real estate collateral as security. The 5 year fixed rate loan which closed in under 2 weeks, provided the borrower quick cash to take advantage of timely marketing and expansion needs.

South End Capital Closes $100,000 Private Business Loan, No PPP, Monthly Payment

SECC provided a $100,000 working capital loan to a home decor business located in Georgia. The borrower needed a fast loan for inventory and did not qualify for bank financing. SECC underwrote a loan based on the business’s cash-flow, required no real estate collateral and provided a 14.99% rate fixed over 3 years.

$4,600,000 Land Cash-Out Refinance, Bankruptcy Bailout Closed by South End Capital

SECC provided a $4,600,000 loan secured against a parcel of waterfront land located in Southern California. The loan proceeds went to refinance the borrower out of bankruptcy and provide the cash-out necessary to complete site plans needed to list and sell the property. SECC wrote an 18 month term with a full interest reserve, and a six month extension to give the borrower ample breathing room to successfully exit the loan.

South End Capital Closes $1,207,000 SBA 7(a) Refinance of a Waterfront Resort

SECC closed an SBA 7(a) loan secured by an unflagged resort located in Washington State. The borrowers previously had difficulty procuring bankable financing due to the special-purpose nature of the property type and their need for working capable. SECC provided a 6% rate amortized over 25 years, refinanced an existing mortgage and provided $75,000 of cash at closing.

South End Capital Provides 5% Rate on $2,875,000 SBA 7(a) Un-Flagged Hotel Refinance

SECC provided a $2,875,000 loan secured by an unflagged hotel located in New York. A recent bankruptcy, lack of hotel brand and exterior corridor configuration of the property type had made it nearly impossible for the borrowers to locate reasonable terms. SECC came through with a 5% rate, amortized over 25 years and also provided $300,000 at closing for renovations.