This borrower was in the midst of securing a $1,100,000 real estate bridge loan against his mobile home park but was short $10,000 to cover the cost of the lender’s due diligence and third-party reports. With a low 500 credit score, accessing cash from a credit card or bank was not an option.

This borrower was shut-out by multiple lenders due to lack of real estate collateral and trucking being a restricted industry. With no time to wait for SBA, we quickly funded this borrower and required only a 1 pg. application and 6 months of bank statements to close.

South End Capital Corporation is primarily focused on serving the needs of the un-bankable borrower and providing the most palatable terms possible. Noah Grayson is the managing director and founder of South End Capital Corporation, a nationwide, non-conforming lender (CA Finance Lenders License # 603 L334) providing collateralized and uncollateralized loans to business owners and real estate investors directly and in participation with third-party lenders. Below is our recent interview with Noah.

SECC refinanced and consolidated eight (8) business loans including a number of high interest rate private loans, drastically lowering the borrower’s monthly interest expense. We also provided this business owner $177,600 of working capital to help with motel upgrades and boost struggling on-line reviews.

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.

When this borrower was brought to SECC he was stuck in a high daily payment advance factor rate. The business’s cash-flow had improved significantly since its launch in 2013 but the borrower had still not been able to obtain financing from other term lenders like Funding Circle. The business’s relatively short time in business and lack of historical cash-flow had been road blocks to procuring financing elsewhere.

SECC is pleased to announce the closing of a $1,600,000 purchase and rehab loan located in Massachusetts. The short-term interest only loan was fixed at 13% for 3 years, carried no prepayment penalty and provided for approximately $600,000 in rehabilitation funds.

In 2012, there were about 28.1 million real estate investors in the United States. As of the end of first-quarter 2013, the Federal Registration of Mortgage Loan Originators listed 394,000 registered loan originators. These days, because many loan “brokers” don’t feel they can spend the time or money to register or join associations, the figure for registered originators undoubtedly understates by a sizable amount the number of intermediaries placing loans in this country.

South End Capital (SECC) Managing Director Noah Grayson has reported 2015 commercial financing applications from small business owners and property investors grew dramatically over 2014 with late 2015 applications alone increasing 263% over the same quarter (Q4) in 2014. The seven-year-old boutique lender and finance firm received almost 2,200 loan applications in 2015 comprised of 1,436 small business loan requests totaling almost $690 million, and 760 applications of just over $660 million for non-conforming residential and small-balance commercial real estate investors.

We are pleased to announce the closing of this $17,100 working capital loan for a wine company located in California. This borrower had been turned down for financing from every bank, term and MCA lender she’d approached when her broker brought her to SECC. Credit in the 500s and time in business of only 10 months were reasons enough for other lenders to pass on the application. SECC came through with a 10 year fixed term, monthly payment and no prepayment penalty and funded the borrower in 1 day.

Monthly payments, no prepayment penalties and rates starting at 9.99% are still available, but now we offer: No restricted industries, No caps on NSFs, no minimum deposit requirements, no time-frame for bankruptcies or foreclosures, no judgment restrictions, credit down to 500, minimum time in business down to 2 months and much, much, more…

SECC is pleased to announce the closing of this non-owner occupied single family residence purchase loan in Georgia. SECC provided a 5 year fixed loan amortized over 30 years, priced at 7.5% with a 54321% declining prepayment penalty. The property was vacant at the time of closing and SECC required no tax returns, no financials, no 1003 or PFS.

SECC is pleased to announce the release of our non-owner occupied 1 to 4 unit residential loan program. This program serves to capitalize on the growing financing need of residential property investors and flippers in the current marketplace. SECC’s program provides terms and flexibility currently unavailable through mainstream capital channels.

SECC is pleased to announce the funding of a $211,750 acquisition loan for the purchase of a vacant bowling alley in California. The borrower confronted many barriers to obtaining financing prior to being introduced to SECC who was able to provide a 25 year fixed rate stated income loan. Most lenders would shy away from a vacant special purpose property in a tertiary market, but SECC delivered enabling the borrower to capitalize on this opportunity.

SECC is pleased to announce the closing of an $8.3M bridge loan for the refinance cash-out of a California office building. SECC delivered a 12 month interest only term, a 12% interest rate, 75% LTV and over $1.5M of cash-out.

SECC is pleased to announce the closing of a $1,435,000 purchase and construction loan secured by 3 contiguous office condominiums. The borrower required a purchase loan that included over $500,000 of construction, but was not interested in SBA financing. SECC delivered a high LTV conventional loan at a 5.35% rate, fixed for 5 years and amortized over 30.