South End Capital Provides 5% Rate on $2,875,000 SBA 7(a) Un-Flagged Hotel Refinance
March 27, 2015
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.