$4,600,000 Land Cash-Out Refinance, Bankruptcy Bailout Closed by South End Capital
April 12, 2015
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.