This borrower needed funds fast to assist in the expansion of her daycare to a new location. Since most other private business lenders focus on credit card receivables and this business had none, the borrower was having trouble procuring a loan even at this small size. SECC had no issue with the lack of credit card receipts and quickly provided this loan based on the stand alone cash-flow of the business only.

As the market improves, challengers are giving bridge lenders a run for their money. To stay ahead of the pack, bridge lenders are being forced to lower their interest rates and origination points, loosen documentation requirements and adopt tech-savvy application processes that shorten closing times.

SECC is pleased to announce the funding of a $780,000 cash-out loan made against a free and clear industrial property located in Ohio. The borrower had paid cash for the subject property less than a year ago and sought to recoup his investment. The borrower was unable to provide tax returns, the property was special purpose in nature and the location was less than ideal for most lenders. SECC funded over $720,000 of unrestricted cash-in-hand to the borrower, didn’t require tax returns and paid a generous $23,400 rebate to the submitting broker.

SECC is pleased to announce the closing of a $20,000 private business loan for a daycare located in Columbus, OH. The borrower needed quick funds to assist in the expansion of her business and had difficulty qualifying for bankable financing. SECC was able to provide a fast closing, flexible loan term and unrestricted capital.

SECC is pleased to announce the closing of this $115,000 cash-out refinance loan made against a non-owner occupied two family property located in Staten Island, NY. The borrower sought a loan that would close fast, have no prepayment penalty and give her the unrestricted cash she needed to invest in other real estate. SECC was able to offer a creative financing structure and meet the borrower’s expectations.

This was SECC’s broker partner’s first private business loan. He had heard about SECC’s program and the huge rebates SECC pays and decided to start originating private business loans as part of his business model. Within one week he found a lead and brought it to SECC. SECC flew through the process to close the loan in two days and paid out a massive $3,000 (6%) rebate on this small loan.

We are pleased to announce the closing of a $1,166,000 SBA 7(a) purchase loan. The proceeds were used by the borrower to acquire a vacant 11,000 square foot building to be converted into an auto-service facility. SECC provided a 90% loan-to-value enabling the borrower to save his liquidity to assist in the relocation of his business.

When this borrower came to SECC he had been turned down by numerous other lenders. The property type, the subject property payment history, an existing tax lien as well as the need for a stated loan were all deterrents for other lenders to proceed. SECC was able to underwrite without tax returns, provide a new permanent mortgage at a favorable rate and fund unrestricted cash-in-hand at closing.

This borrower came to SECC with the urgent need to take advantage of an inventory discount that was about to expire. Other lenders considered this loan request too small and the borrower’s 580 credit score and $40K tax lien deal killers. SECC was able to quickly work through these hurdles to provide the funds the borrower needed.

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 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.

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 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 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 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.

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.

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!

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%.

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.

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.

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.