March 28, 2015
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
March 27, 2015
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.
South End Capital Closes $150,000 Stated Cash-Out Refinance of NJ Mixed-Use Property
March 27, 2015
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.
South End Capital Closes $200,000 Biz Loan, 5 Year Term, No PPP, Monthly Payment
March 26, 2015
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.
South End Capital Announces 4 Recent March Loan Closings Totaling $2,543,730
March 25, 2015
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.
South End Capital Closes $365,000 SBA 7(a) Refinance of a Used Car Dealership in MA
March 18, 2015
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.
South End Capital Funds Stated, $235,000 NOO Resi Condo Refi in Hawaii at 6.99% Rate
March 13, 2015
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.
$48,750 Biz Express Loan Funded in 6 Days, SECC Pays 4% YSP to Submitting Broker
February 28, 2015
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.
South End Capital Closes $50,000 Biz Term Loan; No Prepay Penalty & Monthly Payment
February 18, 2015
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.
South End Capital Closes $81,000 Mobile Home Park Refinance
February 12, 2015
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.
South End Capital Closes $115,000 Business Express Loan for a Washington Company
February 2, 2015
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.
South End Capital Closes $45,000 Cash-Out Refinance of a Retail Store in New York
January 28, 2015
The borrowers were stuck in a high interest rate private money loan with regular demands coming from their current note holder for payoff when they came to SECC. Comfortable lending in the small loan space, SECC funded a 15 year fixed permanent loan at 11.5%, despite the borrowers 629 credit score and the property being in a town of only 4,700 people.
South End Capital Closes $1,000,000 Investor SFR Purchase Loan in Illinois
January 23, 2015
A seasoned property investor was finding it difficult to secure bridge financing to acquire a distressed single family residence in Cook County Illinois. Despite the borrower’s track record of rehab success, private lenders back away from this opportunity scared of the County’s declining property values. SECC provided a 70% non-recourse bridge loan at 9% interest only, and with no prepayment penalty.