Virtually no challenge was absent from this SBA 7(a) real estate loan request: subordination negotiation, debt ratio shortfall, collateral risk, prohibitive insurance, you-name-it.
Boston, MA (PRWEB) June 17, 2014
Boston-based finance innovator South End Capital Corporation (SECC) has once again stepped up to the plate with a commercial finance solution no bank could bring home.
The borrowers were seeking a commercial mortgage on an NJ self-storage facility, plus working capital and closing costs. As far as the other lenders the borrower had approached were concerned, the barriers presented were insurmountable. Once SECC was consulted, however, the whole picture changed for the concerned mortgage-seeker.
According to South End Capital’s Founder and Managing Director, Noah Grayson, “Virtually no challenge was absent from this SBA 7(a) real estate loan request: subordination negotiation, debt ratio shortfall, collateral risk, prohibitive insurance, you-name-it. But our team just doesn’t give up easily.”
For the $578,000 loan amount, details included:
- Refinance of a $624,000 first mortgage (SECC negotiated the subordination)
- $40,500 working capital and the balance to cover closing costs
- 6% interest (2.75% + prime), amortized over 25 years and adjustable quarterly
“The hours we put in on tough transactions like this one would scare most lenders away,” Grayson declared. “But South End Capital is in the business of providing solutions that other lenders simply cannot offer to the marketplace. This closing and other recent SECC closings demonstrate just how well our uniquely structured 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 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: Commercial real estate loans, SBA loans, bridge loans, soft money loans, hard money loans, non-conforming loans, small business loans, multifamily loans