$850,000 MORTAGE REFINANCE & WORKING CAPITAL

Southend Capital Recent Closing

$850,000 MORTAGE REFINANCE & WORKING CAPITAL

Transaction Overview: Gas Station & C-Store

Gas stations and convenience stores are certainly not the preferred property types of most lenders, and certainly not most SBA lenders. At SECC however, our SBA program has no restricted industries or property types (other than those imposed by the SBA).

This borrower needed to pay off her current mortgage and obtain fresh working capital to assist in the expansion of her business, but finding a lender to cooperate was difficult. SECC was glad to be able to refinance her first mortgage, lower her monthly payment and provide her $60,200 of working capital to help jump start her 2017!
We were lucky again to have an excellent referral partner working with us on this transaction to help us get it to the finish line.

SBA Unrestricted Program

SECC offers an aggressive SBA loan program priced at a maximum annual interest rate of 6.25%, amortized over 10 years (25 years, if the business has available real estate collateral). The program features one affordable monthly payment and often no prepayment penalty. SECC can consolidate a business owner’s expensive merchant cash advances or business debt, remedy stifling business issues, provide expansion or purchase funds and offer unrestricted working capital to assist with new growth and other business needs. SECC imposes few business-type restrictions, will consider borrower credit down to 580 (or lower), can work with past borrower bankruptcies or foreclosures, and will fund from $250,000 to $5,000,000 in all 50 states. We only need one year of tax returns to qualify a business and we'll even consider startups.

Contact Us

Joel Soforenko
Sr. VP | Director, Retail Lending
(888) 268 - 7778 x 2 (O)
(413) 348-5604 (C)
joel@southendcapital.com

Closed Loan - $1,410,000 @ 90% LTV Hotel Purchase & Working Capital

Transaction Overview - Baymont Inn Purchase

He also needed working capital to help ramp up operations and he only had a 638 credit score. Needless to say, this borrower could not find financing anywhere, until...he found South End Capital. We provided the borrower 90% purchase financing, we financed all the closing costs and gave him an additional $85,000 in working capital. The borrower received a 6.25% rate, amortized over 25 years and the keys to his first hotel!SBA Unrestricted Program SECC offers an aggressive SBA loan program priced at a maximum annual interest rate of 6.25%, amortized over 10 years (25 years, if the business has available real estate collateral). The program features one affordable monthly payment and often no prepayment penalty. SECC can consolidate a business owner’s expensive merchant cash advances or business debt, remedy stifling business issues, provide expansion or purchase funds and offer unrestricted working capital to assist with new growth and other business needs. SECC imposes few business-type restrictions, will consider borrower credit down to 580 (or lower), can work with past borrower bankruptcies or foreclosures, and will fund from $250,000 to $5,000,000 in all 50 states. We only need one year of tax returns to qualify a business and we'll even consider startups. 

Closing Highlights:

Flagged

Hotel Michigian

• 90% purchase financing
• Working capital provided
• 6.25% rate, 25 yr. term
• Monthly payment
• 638 borrower credit score

Program Parameters:

• Nationwide
• Financing from $250K to $5MM
• Low credit score minimum 
• Most industries considered 
• No collateral required 
• Broker rebate available

When we say our SBA program is unrestricted, we really mean it's unrestricted! This borrower was under contract to purchase a hotel in Michigan and only had 10% down and no other real estate (not even his primary residence was owned).

Contact Us: Joel Soforenko
(888) 268-7778 x 2 (Office)
(413) 478-5379 (Cell)

$500,000 Restaurant SBA Refiance and Working Capital Loan

South End Capital News

Recent SBA Loan Funding

$500,000 Restaurant Refinance and Working Capital Loan – 6.25% Rate

Transaction Overview – Family Restaurant

This borrower had worked hard to build his small family restaurant into a profitable business, but he was shut down at every turn when it came to accessing affordable capital. Most conventional and SBA lenders don’t lend to the restaurant industry because they consider it high risk.

We were pleased to provide this business owner a fully amortizing 25 year mortgage at 6.25% and pay off $160,000 of short-term private business loans at interest rates of 17% plus.H We also delivered $50,000 of fresh working capital and another $53,000 for renovations.

SBA Unrestricted Program

SECC offers an aggressive SBA loan program priced at a maximum annual interest rate of 6.25%, amortized over 10 years (25 years, if the business has available real estate collateral). The program features one affordable monthly payment and often no prepayment penalty. SECC can consolidate a business owner’s expensive debt or merchant cash advances, remedy stifling business issues, provide expansion funds and offer unrestricted working capital to assist with new growth and other business needs. SECC imposes few business-type restrictions, will consider borrower credit down to 580 (or lower), can work with past borrower bankruptcies or foreclosures, and will fund from $250,000 to $5,000,000 in all 50 states.

Closing Highlights:

Family Restaurant
Kentucky
High Interest Rate Loans consolidated
Working capital provided
6.25% rate, 25 yr. term
Monthly payment
$2,500 broker rebate

Nationwide:

Financing from $250K to $5MM
Low credit score minimum
All industries considered
No collateral required
Broker rebate available


 Joel Soforenko
South End Capital Corp.
Sr VP | Director, Business Lending
Main Line 888-268-7778 x 2
Cell Line 413-348-5604
joel@southendcapital.com

Business Loan - No Real Estate Collateral

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South End Capital News View this email in your browser Recent Funding $605,000 Business Loan - No Real Estate Collateral Transaction Overview - Steel Fabrication, Co.  Earlier in the year this borrower needed $122,100 of quick working capital and didn't have time to wait for an SBA loan. We provided his business working capital in a matter of days, and when he was ready, started him on the SBA takeout loan process. We consolidated the balance of our private business loan, paid off additional business debt, provided $89,000 of fresh working capital and $370,000 for machinery and equipment. This loan was priced at 6.25% and amortized for 10 years. SBA Unrestricted Program SECC offers an aggressive SBA loan program priced at a maximum annual interest rate of 6.25%, amortized over 10 years (25 years, if the business has available real estate collateral). The program features one affordable monthly payment and often no prepayment penalty. SECC can consolidate a business owner’s expensive debt or merchant cash advances, remedy stifling business issues, provide expansion funds and offer unrestricted working capital to assist with new growth and other business needs. SECC imposes few business-type restrictions, will consider borrower credit down to 580 (or lower), can work with past borrower bankruptcies or foreclosures, and will fund from $250,000 to $5,000,000 in all 50 states. Closing Highlights Steel Fabrication, Co. North Carolina No real estate collateral Working capital provided 6.25% rate, 10 yr. term Monthly payment No prepayment penalty Apply Online Program Highlights Program Parameters Nationwide Financing from $250K to $5MM  Low credit score minimum All industries considered No collateral required Broker rebate available Email a Scenario About South End Capital South End Capital Corporation "SECC", founded in February of 2009, is a nationwide, non-conforming lender (CA Finance Lenders License # 603 L334) providing collateralized and uncollateralized loans to business owners and real estate investors directly, and in participation with third-party lenders. Contact Us  (888) 268 - 7778 x 2 joel@southendcapital.com

SBA Loan Scenario - Mixed Use Property Qualifies for SBA Loan

Who:

1.            Borrower owns and manages banquet   facility
2.            Borrower has owned this business for five years
3.            Borrower business income meets all loan requirements
4.            Borrower has middle credit score of 635

Property Type:

1.            Mixed Use – Residential & Retail
2.            Three apartments on the 2^nd Floor               
               Business on the 1^st Floor               
               Basement is finished and used by the Business
3.            FMV       $2,200,000          MTG      $1,600,000

What:

1.            Note of current lender is now due for pay off
2.            Borrower wants conventional rates and terms

Where: Memphis, TN

When:   Standard SBA Loan closing time is 45 – 60 days

How:    

1.            Borrower has exhausted his conventional and non-conforming loan options
2.            Lenders had issues with:               
               a)   Open floor plan of the first floor               
               b)   Location of the property               
               c)   Credit scores of the Borrower

Decision:  Eligible for SBA Loan

Why:

1.            SBA Lender has no minimum credit score requirements 
2.            Business had required net cash flow
3.            SBA Lender underwrote the loan based on the business nature of the property   
               and qualifying appraisal
4.            SBA Loan requirement is the business must use 51% of the building’s square footage               
Eligibility Cure:

1.            Use of the basement added the necessary square footage to business usage for the    
               51% square footage requirement to be met

              
               Call or email Joel Soforenko and go over your Loan Scenario               
               888-268-7778 x 2 or joel@southendcapital.com

SBA Loan Scenario – Credit Card Issue (Borrower as Co-Signor Owes Debt)

Who:

1.            Borrower wants to refinance his business debt
2.            Borrower went through a divorce to a trial
3.            Borrower and Ex-Spouse were ordered to split the credit card debt                and were responsible for paying off their portion of the debt
4.            Borrower’s Ex-Spouse did not pay off the court ordered debt
5.            This debt is found on the Borrower’s Credit Report as a charge off
What:

1.            Borrower cannot obtain an SBA Loan until this credit issue is dealt with.
2.            Bills to be paid off total $25,000

Where: Milwaukee, WI

When:   As soon as this issue is resolved, the loan can close

How:    

1.            Borrower went through all his options including friends, relatives,                reviewing personal and business assets
2.            Borrower could not find the means to pay off the subject debt

Decision:  Not Eligible for SBA Loan

Why:

1.            Recent charge off which could go to judgment. 
2.            FICO Score was not the issue
Eligibility Cure:

1.            The Lender of choice was apprised of the situation and cured the issue                by including the $25,000 as working capital

2.            The Borrower was allowed to use the working capital to pay off the charged off                debt at the closing. 

Call or email Joel Soforenko and go over your Loan Scenario
888-268-7778 x 2 or joel@southendcapital.com

Loan Scenario - Purchase Bar & Grill

Who:

1.            Borrower has dreamed of owning a tavern
2.            Borrower is a bank branch manager
3.            Borrower has experience as a tavern chef
4.            Borrower rents a residence and has $125,000 in a bank account
5.            Borrower has very good credit

What:

1.            Tavern went out of business
2.            Tavern leased its location
3.            All assets of the business are for sale and taking over the lease
4.            Purchase price of assets is $400,000 dollars with an additional cost of $70,000                dollars for all other parts of the transaction.  Total $470,000.

Where: Dallas, TX

When:   Needs 60 day closing

How:    

1.            Borrower needs loan to include purchase of assets, purchase of liquor license and                renovation of the interior of the premises
2.            Borrower has negotiated the purchase price of the Seller’s assets
3.            Borrower will work with municipality to obtain the liquor license
4.            Borrower needs to research the cost of renovation

Decision:  Not Eligible for SBA Loan

Why:

1.            Borrower does not have required experience as a manager or owner in the                industry.
2.            Borrower does not have transferable skills any other transferable skills to                own a tavern
Eligibility Cure:

1.            Borrower can find a partner with the requisite experience.
2.            Partner will need to have a minimum of 5% ownership of the new company
3.            However, SBA Lender, Countrywide Standards is this Partner will have to fully                guarantee the loan. 

Call or email Joel Soforenko and go over your Loan Scenario
888-268-7778 x 2 or joel@southendcapital.com

SBA Q & A : Borrower with No Experience

Background of Question:

If the primary borrower doesn’t have enough experience in the business he wants to purchase, and has to bring in a partner who will have at least a five percent (5%) ownership interest (minimum allowed for a partner with the experience to meet this requirement.

Question:

Does the five percent (5%) owner need to sign as a 100% guarantor (where the primary borrower does not have sufficient experience?

Answer:

Yes, the lender will require the person who has direct industry experience to be  one hundred percent (100%)  guarantor of the loan