SECC Closes a $136,300 Vacant NOO SFR Purchase and Rehab Loan in SC
June 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.