SECC Closes $4.85M of Non-Conforming CA Loans and Provides Bankable Pricing – Gives 5% Rates to Gas Station and Investment Residential Portfolio Owners
Shell gas stations are next to impossible to finance via the SBA because of the prohibitive deed restrictions usually in place. These borrowers not only couldn’t go SBA, but also wanted bankable terms and almost $500,000 of unrestricted cash-out! Fortunately, South End Capital offers a full documentation loan program in California for non-conforming borrowers and property types. We closed this loan at a 5.75% rate, fixed for 5 years and amortized over 30 years.