This business, a prominent Florida based marketing company was in need of quick working capital to meet expansion needs. The lack of hard collateral and 2 years of consecutive losses made bankable or SBA financing impossible.
Read full article...
SECC Funds $150,000 of Working Capital to Un-Bankable Marketing BusinessSeptember 29, 2016
|
SECC Funds $6,500 of Working Capital to a Trucking Company in 2 DaysSeptember 26, 2016
Trucking is considered a high risk industry by most lenders. Additionally, this borrower only owns one truck which greatly increases the chances of default should that truck breakdown. The fact that this business is a sole proprietorship and not a corporation, was a non-starter for most lenders. Read full article... |
SECC Lowers SBA Loan Minimum to $50,000 and Speeds up Pre-Approval ProcessSeptember 22, 2016
We are constantly trying to improve our programs and processes to enable you to fund more loans and close them quicker! Our most recent changes outlined below include: A decreased loan minimum, decreased documentation to obtain a letter of interest as well as the removal of a dollar cap on merchant cash advance consolidations. Read full article... |
SECC Funds $416,000 of Start-up Capital in 5 Days to Gas & Energy CompanySeptember 14, 2016
This borrower, a successful gas station and energy company owner, sought financing to start-up an unrelated business venture. Even though his primary business’s financials were strong, no lender would provide him the funds he needed for his new business because it was a start-up and he had no current experience in that industry. Read full article... |
South End Capital Announces New Business Line of Credit Program for B2B CompaniesSeptember 13, 2016
We are very pleased to announce the release of our new business line of credit program. We are considering line of credit applications for B2B companies that have been in operation greater than 2 years and have annual revenue in excess of $1,000,000. Personal credit over 620 is preferred and most industries will be considered nationwide. Read full article... |
SECC Provides $10,000 of Due Diligence Cost Bridge Financing in 2 DaysAugust 23, 2016
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. Read full article... |
SECC Funds $140K Unsecured Business Bridge Financing to Georgia Trucking CompanyAugust 22, 2016
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. Read full article... |
Superbcrew.com, a leading news website interviews Noah Grayson, Managing Director of South End CapitalAugust 18, 2016
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. Read full article... |
SECC Closes a $1,221,600 SBA 7(a) Motel Refinance and Provides $177,600 of Working CapitalJuly 29, 2016
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. Read full article... |
SECC Funds $200,000 of Working Capital to FL Based Home Healthcare CompanyJuly 26, 2016
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. Read full article... |
SECC Named the 2016 “Best Hard Money Lender for Small Businesses” by FitSmallBusiness.comJuly 25, 2016
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. Read full article... |
SECC Funds a $67,500 Monthly Payment Term Loan for a Real Estate Managment Co. in 12 DaysJune 20, 2016
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. Read full article... |
SECC Funds a $30,150 SBA Bridge Loan in 2 DaysJune 14, 2016
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. Read full article... |
SECC Closes a $215,000 Vacant NOO SFR Refinance and Rehab, 215% Loan to “As Is” Value ProvidedJune 8, 2016
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. Read full article... |
SECC Closes a $136,300 Vacant NOO SFR Purchase and Rehab Loan in SCJune 8, 2016
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. Read full article... |
SECC Funds $27,000 to Logging Company in 3 Days, Provides a Fixed Monthly Payment for 10 YearsJune 6, 2016
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. Read full article... |
SECC Funds Attorney $42,500 with a $250,000 Judgment in Place – Weekly Payment Business TermJune 1, 2016
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. Read full article... |
SECC Funds a 90% Purchase LTV + 100% of Rehab for an Illinois NOO Single Family ResidenceMay 26, 2016
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. Read full article... |
South End Capital Funds a $2,700,000 SBA 7(a) 3 Assisted Living Facility Blanket Refinance w/ $322,000 of Working CapitalMay 3, 2016
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! Read full article... |
SECC Closes a $200,000 Permanent Refinance Cash-Out of a Vacant 3 Family PropertyApril 1, 2016
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. Read full article... |
SECC Closes a $2,100,000 SBA 7(a) Refinance w/ Almost $300,000 of Working CapitalMarch 30, 2016
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! Read full article... |
SECC Closes a $198,700 SFR Cash-Out Bridge Loan – No Credit Score RequiredMarch 30, 2016
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. Read full article... |
SECC Funds $100,000 2nd Position Business Term Financing – Provides Monthly Payment 5 Day CloseMarch 23, 2016
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. Read full article... |
SECC Funds $60,800 Working Capital Financing in 2 Days – 24% Rate, 10 Year Term and No Prepay PenaltyMarch 16, 2016
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. Read full article... |
SECC Funds $122,100 Weekly Payment Term Financing, Consolidates a High Factor Rate AdvanceMarch 15, 2016
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. Read full article... |
South End Capital Closes a $1.6M Non-Owner Occupied SFR Purchase / Rehab LoanMarch 9, 2016
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. Read full article... |
Noah Grayson Authors Feature Article for the Scotsman Guide: Small Business Loans Make SenseMarch 2, 2016
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. Read full article... |
South End Capital Reports over $1.3 Billion in Non-Conforming Loan Applications for 2015; Forecasts $2 Billion For ’16February 22, 2016
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. Read full article... |
SECC Closes a $17,100 Working Capital Financing in 1 Day via its Innovative Private Business Term ProgramFebruary 9, 2016
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. Read full article... |
Our Private Business Term Financing has Gotten so Aggressive We’ve Thrown our Express Program out the WindowFebruary 2, 2016
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… Read full article... |