We've aggressively expanded our multifamily loan program to offer bankable terms for borrowers deemed unbankable by other lenders.
Boston, MA (PRWEB) May 14, 2014
South End Capital’s mid-April $3.2 million closing on its clients’ purchase of a $4 million multifamily property is just the latest coup for the Boston-based commercial real estate lender specializing in “hard to finance” transactions.
The financing for the 86-unit multifamily property in Livingston, CA had hit a wall with conventional lenders. The property was in a less than desirable tertiary market with a population of only about 13,000 people; what’s more, the borrowers had limited multifamily ownership and management experience, yet wanted a high loan-to-value (LTV) of 80% and better-than-market terms.
“Clearly, this was a loan on which most lenders would have great difficulty competing,” South End Capital Corporation (SECC) Founder and Managing Director Noah Grayson pointed out. Grayson’s firm, however, was able to provide a 7-year fixed, non-recourse loan amortized over 30 years at 4.69% and with no loan points, to boot. But that’s not unusual: The company’s nationwide multifamily loan program (five units and up) now offers 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 (longer fixed periods are available).
According to Grayson, SECC will consider multifamily loan sizes from $50,000 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 also offers non-recourse loans (no personal guarantee on the loan required). All US markets are eligible, regardless of population size or geographic location, and SECC will also consider multifamily loans for foreign nationals and bulk residential transactions under similar but slightly more conservative programs.
“We’ve aggressively expanded our programs in the past months,” Grayson explained, “specifically to assist entrepreneurial property investors and business owners nationwide who feel they have been denied access to capital at every turn. Our recent SECC closings demonstrate just how well our expanded programs are delivering.”
South End Capital Corp. works directly with borrowers and routinely with brokers, paying referral fees to its approved partners. To inquire about SECC’s expanded multifamily loan program and the many 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
With offices on both the East and West Coasts, SECC is a direct commercial real estate lender providing private money loans up to $500,000 nationwide, and offering SBA, multifamily, bridge and bankable loans up to $20 million in participation with third-party investors. SECC also provides training and marketing services to commercial mortgage brokers through all stages of their business development. Additionally, SECC offers 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.
Also tagged: SBA loans, bridge loans, soft money loans, hard money loans, non-conforming loans, small business loans