SECC Funds $780,000 Cash-Out of Free and Clear Industrial Facility

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.