SECC’s core commercial bridge program [from $250K to $5M] does not require upfront due diligence fees
LOS ANGELES (PRWEB) February 16, 2018
South End Capital Corporation (SECC) announced today that it is once again making waves in the lending business—this time, defying the bridge lending industry’s penchant for collecting large upfront fees or due diligence deposits.
SECC Managing Director Noah Grayson explained: “Traditionally, bridge lenders or hard-money real estate lenders demand large due diligence deposits upwards of $30,000. They also mandate the order of their own appraisal reports. But SECC’s core commercial bridge program [from $250K to $5M] does not require upfront due diligence fees.” A third-party appraisal or site inspection fee of a surprisingly low $1,500 to $3,000 is the only fee required after a letter of intent has been issued.
As for appraisals, in most cases SECC will accept existing reports prepared within the previous nine months. In instances where SECC requires a new appraisal report be ordered, out-of-pocket due diligence costs to the borrower are capped at a realistic $2,500.
SECC’s Grayson commented, “Too often, we hear from borrowers who have been pressured to pay huge out-of-pocket fees or shell out thousands of dollars for a new appraisal when they have a perfectly valid report in hand. We believe that the cost to a borrower—even a transitional borrower—should be affordable, and the entire loan process sensible.” For more information about SECC’s bridge program or to apply, please visit http://www.southendcapital.com.
ABOUT SOUTH END CAPITAL CORPORATION
Founded in 2009, South End Capital Corporation (SECC) is a nationwide, non-conforming lender (CA Finance Lenders License # 603 L334) providing commercial and investment-residential real estate loans, bridge loans, subprime SBA loans, business loans, and merchant cash advance (MCA) consolidation loans.
SECC has been named “Best” and one of the “Top Ten Best” hard-money / bridge lenders in the US, by Fit Small Business and TopTenReviews, respectively. SECC offers easy online applications, excellent service, prompt responses, generous compensation to approved partners, and custom-tailored loans.