With rates down to 4.12% and par pricing, SECC multifamily loans are beating the banks.
Boston, MA (PRWEB) February 12, 2014
South End Capital Corp. (SECC), the innovative finance company in the commercial real estate lending space, has not only expanded its operations from Boston to LA, the firm has taken its pioneering loan practices with it. SECC has just announced low multifamily property loan rates that brokers and borrowers are not seeing elsewhere.
“It’s been a tough market for many brokers and their clients looking for multifamily loans,” explained SECC Managing Director Noah Grayson. “And that’s a shame, because that’s where so much of the entrepreneurial real estate opportunities are coming from. But whenever we see that kind of financing demand heating up—and brokers stymied by uniformly high bank rate competition—we know we can open up a program that will take off.”
Grayson said that right now SECC is expanding the company’s nationwide multifamily loan program (five units and up) by dropping 5-year fixed loans as low as 4.12%, 7-year fixed loans as low as 4.5%, and 10-year fixed loans as low as 5.05%, all amortized over 30 years.
SECC will consider loan sizes from $300,000 to $20,000,000 and higher, with the best pricing (down to par) available on loans over $1,000,000. Loan-to-value (LTV) can go up to 80% on multifamily purchase transactions and rate-and-term refinances, and up to 75% on multifamily cash-out refinances. The company can also offer non-recourse loans; no personal guarantee on the loan required.
“We’ll consider all US markets, regardless of population size or geographic location, and that’s good news for borrowers in secondary and tertiary markets, and those who are looking at multifamily purchases in their locales as revenue-generators for long-term retirement planning,” said Grayson. SECC will also consider multifamily loans for foreign nationals under a similar but slightly more conservative program.
Grayson adds, “Last year, under the initial phase of this program, we quickly closed an almost $3 million multifamily loan in a very small market for a broker who could not move his borrower forward with all of the heavy-duty bank competition out there. After we came into the process, all the broker had to do was sit back and collect his SECC referral fee.” SECC routinely pays referral fees to its approved partners. “With this program,” Grayson declared, “we can beat the banks all day long.” For more about innovative programs available through South End Capital Corp., contact Noah Grayson directly at (888) 268.7778 ext. 5, or noah(at)southendcapital(dot)com.
ABOUT SOUTH END CAPITAL CORPORATION
South End Capital Corporation (SECC) is headquartered in Boston, MA and is a nationwide provider of commercial real estate and business financing including bankable loans, bridge loans, SBA loans and more. The firm also offers proprietary mortgage broker training services. SECC provides same-day term sheets, excellent service and prompt responses, is broker-friendly and pays referral fees to approved partners. For additional information, visit http://www.southendcapital.com or contact Noah Grayson toll-free at (888) 268.7778 x 5 / noah(at)southendcapital(dot)com.