South End Capital, based in Los Angeles, California, considers applications individually and offers competitive low rates for bridge loans. This lender is well suited to non-traditional borrowers who may not be approved for a loan from banks or other investors.
Through bridge loans, South End Capital offers a different way for you to get financing. This lender offers nationwide coverage as long as you secure the loan with commercial or residential property. As long as you have everything filled out correctly on the loan application, you could be approved and have the loan closed in two to four weeks.
South End Capital looks at individual situations and approves loans based on the information provided by the borrower, such as the type of property you are purchasing, the type of property you are using as collateral and the exit strategy you have in place. For a bridge loan agreement, South End Capital considers all applicants who have a credit score of 500 or above.
Bridge loan rates always fluctuate and are typically higher than traditional loan rates, but based on your situation, South End Capital can provide rates as low as 6.99%. Because you will only be paying interest payments throughout the term of the loan, having a competitive rate is especially important. Loan amounts for this lender's gap financing start at $100,000 and range up to $20 million, with loan-to-value ratios starting at 75%. As with most bridge loans, South End Capital offers short-term options ranging from 12 months to 24 months, depending on the amount of the loan and the project you are financing.
South End Capital asks you to provide as much information as possible before the company evaluates your application. Its online application form is quite extensive, and while there are fields that are not required, South End Capital prefers that you fill out as much so the lender can give you an accurate response.
South End Capital is willing to work with borrowers who have low credit scores as long as those borrowers provide as much information as they can about their project and the loan amount they need. While its bridge loans are standard, this lender's common sense approach means it evaluates each situation individually so it can approve loans that others may not.
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