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.

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.

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.

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.

SECC funded a $150,000 cash-out refinance of a mixed-use property located in New Jersey. The unconventional configuration of the property type as well as the borrower’s desire not to provide tax returns, made this a perfect fit for SECC’s stated non-conforming program.

SECC provided a $200,000 working capital loan for a hotel located in Pennsylvania. The borrower did not have time to wait 60 to 90 days for SBA financing, so SECC delivered a quick unsecured private loan carrying no prepayment penalty and fixed for 5 years.

SECC is please to announce four recent closings totaling $2,543,730. This selection of just a few of our March closings demonstrates the diversity and flexibility of our program offerings. SECC’s breadth of programs can assist both stated income and full documentation borrowers, as well as those seeking loans without real estate or hard collateral to pledge.

SECC provided a $365,000 SBA 7(a) loan secured by a used car dealership located outside of Boston, MA. Historically car dealerships have been a difficult asset class to obtain bankable financing for. The multiple liens required to be filed to secure the real estate and inventory, as well as the volatile nature of the industry leaves most lenders on the sidelines, but not SECC.

SECC funded a $235,000 cash-out refinance of non-owner occupied residential condo located in Hawaii. The condo, held for investment purposes, and the Hawaii location left most lenders out of the running for this transaction. Add in the need for a no tax return loan at bankable rates, and the only and best option left for the borrower was SECC.

Like so many other loan programs real estate finance professionals relied on in the recent past (notably sub-prime and alt-a), “stated” income commercial real estate loans were a casualty of the 2008 mortgage meltdown. Soon afterward, mortgage brokers who had previously embraced them for their fast-and-easy closings wouldn’t even utter the term “stated,” it had become so taboo.

Brokers and lenders often look ahead at the beginning of the year and set new objectives. With spring just around the corner, it is the perfect time to review those objectives and perform some serious housecleaning. Before your New Years’ ambitions can succeed, you may need to sweep away some old habits that are holding you back.

SECC provided a $48,750 private business loan to a medical practice located in New York. The borrower needed funds fast to take advantage of a business opportunity and bank financing was out of the question. SECC had the funds in the borrower’s account in 6 days, and our referral partner earned a nice $2,000 referral fee for passing us the lead.

SECC provided a $50,000 private business loan to a healthcare company located in Illinois. The borrower needed funds quickly to consolidate debt and some higher interest rate daily ACH loans. SECC provided a quick monthly payment option loan priced at 18.49% and fixed for 3 years.

SECC funded an $81,000 rate and term refinance on a mobile home park located in North Carolina. The small loan size, property type and low town population were just a few of the reasons every lender other than SECC had passed on this loan request. For SECC it was just another opportunity to provide a good borrower a good loan.

A Washington State based healthcare company was in immediate need of capital to meet payroll obligations and couldn’t find a lender able to move quick enough to meets its needs. SECC was about to provide $115,000 in less than a week, on a fixed term loan and with zero out-of-pocket or closing costs to the borrower.