SECC eclipsed national banks with flexible and aggressive SBA 7(a) program that bundled borrower’s property, debt refi, construction funds, equipment purchase and more.
Other lenders wanted more collateral, would not finance the non – real estate portions of the loan, and had unreasonable prerequisites for financing the construction aspect. SECC was able to provide a solution even the borrower hadn’t envisioned.
The latest SBA 7(a) loan closing from Boston-based finance innovator South End Capital Corporation (SECC) highlights just how different this lender is from its competition in the marketplace. For the purchase of an office condominium for a dental practice in Forest Hills, NY, SECC came through with a broad-based creative solution that also met numerous peripheral financing needs for the borrower. A score of national and regional lenders had not been able to offer the borrower a workable solution.
“The creativity of our loan structure is what made this work for the borrower,” explained South End Capital’s Founder and Managing Director Noah Grayson, who pointed to the firm’s exceptionally flexible and aggressive SBA 7(a) program. “Other lenders wanted more collateral, wouldn’t finance the non – real estate portions of the loan, and had unreasonable prerequisites to finance the construction aspect of the loan. But we work each loan request uniquely and were able to provide a solution even the borrower hadn’t envisioned.”
For the $3,215,000 loan (real estate purchase price of $2,250,000), the borrower put down only $232,500 or 7.2% of the total project costs. A 138% loan to real estate (LTV) purchase price, with NO loan points, was provided. Interest rate: 2.25% + WSJ Prime or 5.5% on a quarterly adjustable rate, amortized over 21.5 years. More details:
$216,697 was provided to consolidate existing debt
$168,245 was provided to purchase new equipment
$537,152 was provided for construction/renovations and office build-out
$90,408 was provided as working capital
Balance of funds covered loan and construction soft costs
“South End Capital was conceived expressly to provide solutions that other lenders simply cannot offer to the marketplace,” Grayson stated. “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. To inquire about the many innovative programs available through South End Capital Corp., contact Joel Soforenko directly at (888) 268.7778 ext. 2, or joel@southendcapital.com
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