South End Capital to Fund Small-Balance Private Money Loans for ‘Challenged’ Commercial Real Estate Borrowers
Nationwide program focuses on private money niche ignored by other lenders
We're focusing on smaller private-money loans for commercial real estate because this niche has been overlooked by most, if not all, lenders.
Boston, MA (PRWEB) April 29, 2014
South End Capital Corporation (SECC) announced today that it has launched a new and unique small private money program designed to assist borrowers who are seeking small-balance or small-size commercial real estate loans of $50,000 to $500,000. The funding is designed to accommodate borrowers with imperfect credit who are self-employed or seeking a swift and painless loan process.According to SECC founder and Managing Director Noah Grayson, the firm will be lending on this program directly. “We are focusing on these smaller loan sizes specifically because they constitute a private money finance niche that has, to date, been overlooked by most—if not all—commercial real estate lenders. These lenders are ordinarily interested in closing private money loans of a million dollars and up; they shy away from anything under that, let alone under half a million.”
The program will also provide a financing option for commercial real estate owners and investors who fall out of bankable parameters because of their challenging credit or financial situations.
SECC’s new nationwide private money loan program has no population restrictions; primary, secondary and tertiary markets are generally allowed. Most commercial property types qualify, with loan-to-value ratios of up to 70 percent. Rates and terms start as low as 8.5 percent with no or low loan points. Loan closings can take place in as few as two to three weeks. Additional program criteria are available right now.
“This is a common-sense underwriting program with light documentation requirements,” Grayson pointed out. “It’s competitively priced and ideal for self-employed borrowers and small property investors who need custom-tailored loan terms.” SECC welcomes both borrower and broker inquiries (brokers working with SECC are protected). The firm also offers referral fees to approved partners.
To inquire about SECC’s new private money, non-conforming loan program and the many innovative programs available through South End Capital Corp., contact Joel Soforenko directly at (888) 268.7778 ext. 2, or joel(at)southendcapital(dot)com.
