SEC is a division of Stearns Bank, NA, a $2.2 billion national financial institution. As such, SEC is an approved direct commercial real estate lender, investment residential lender, business lender, SBA lender, USDA lender, and equipment financing lender. SEC also administers a cutting-edge, technology-based intermediary loan marketplace that facilitates the placement of loans SEC cannot fund in-house, through a strategic network of lending partners. SEC lends in all 50 States plus Washington, DC.
The documentation required will vary depending on the financing type.
Equipment Financing less than $150K (and up to $350K in some cases) requires only:
A completed verbal or 1-page application for approval, and a few basic items to fund (this is why we can fund in as little as 82 minutes!)
Larger financings up to $5M+ may require additional documentation such as tax returns and financials.
SBA, USDA, and Conventional business and real estate financing may require the following documentation (the below list may not be all inclusive and/or may not be applicable to your request). Don’t worry, we’re here the entire way to make the process streamlined and stress-free, and we utilize automation and DocuSign whenever possible:
Personal Financial Statement
Last 1 to 3 Years Business and Personal Tax Returns
Business Debt Schedule (if applicable)
Borrower and Individual Certification Forms (if applicable)
YTD P & L and Balance Sheet
Projections (if a start-up business or construction loan)
Seller Tax Returns & Financials (if purchasing a business)
Purchase Agreement (if purchasing real estate or a business)
Construction Budget and/or Feasibility Study (if a construction or development request)
Rent Roll & Operating Statement (if a cash-flowing investment property)
Existing Appraisal or Environmental Reports (if applicable and available)
Documentation requirements for the participating lenders in our marketplace will vary by lender and transaction type. We only partner with the most technology-efficient lenders that have a track-record of performance. Many marketplace loans can fund with basic documentation in as fast as a few hours.
No. SEC charges no upfront or application fees. After a borrower signs and accepts a term sheet, he/she will be responsible for the payment any required due diligence fees (if applicable), such as an appraisal or environmental report fee.
We have been providing our services to clients across the country since 1998. Our experience and track record make us an invaluable resource to our clients. Our financing experts take the time to understand the individual needs of every client, and to support and service those needs with a solution that aligns with their overall goals. Regardless of your situation, chances are we’ve worked with others just like you.
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