To borrow from Dominion Financial Services, you don’t need perfect credit, but you do need good credit. We’re more interested in what caused the blemishes to your credit score, than the actual FICO score itself. If your credit report shows any significant blemishes, such as a bankruptcy, foreclosure, short sale, liens, or judgments within the past 24 months – we may not be able to lend to you at this time.
We will fund 90% of the purchase price and 100% of the rehab. You’ll need money for the 10% down payment, closing costs, and cash to get the rehab started. Generally, if you have $30,000 or more in cash reserves – we can approve you for a Dominion Financial Services Investor Line of Credit. Let’s talk now.
No Deal Required:
To get your Dominion Financial Services Investor Line of Credit – you do not need a deal. In fact, we urge you to get approved now. As an approved borrower you can make offers with 100% confidence knowing that you have Dominion Financial Services in your back pocket, ready to fund the deal. Once approved, you’ll receive a free Proof of Funds every 60-days or when requested.
No. Under normal circumstances, we do not report to credit agencies. We report to agencies only if we are forced to place a judgment or collection on you or your company for lack of payment on your hard money loan.
No. Hard money loans are commercial loans, which means they are business to business. We, by law, cannot lend on personal, homeowner-occupied properties.
No. You can repay the hard money loan prior to its maturity date with absolutely no additional fee for prepayment.
There are many ways to fund a deal – and every method has its tradeoffs. Funding a deal with a HELOC from another property is a great way to fund deals.
The downside is, real estate investing comes with some level of risk. If for whatever reason the deal sours, your primary residence could be on the line if you fail to make the payments. Let’s suppose that things don’t get quite that bad – at the very least, your good credit could be on the line if you fail to pay the HELOC payments on time.
Finally, let’s assume that you have a $100,000 line of credit on your personal residence. If you max out that line for the purposes of funding a deal – you can be assured that will have a very negative effect (all be it temporary) on your credit score. When the balance on a line of credit goes over 50% of the limit, your FICO score goes down.
We make it super simple to get approved for a Dominion Financial Investor Line of Credit. You’ll need 2 years of tax returns, a recent bank statement showing the capital, and a completed personal financial statement.
We’ll lend 90% of the purchase price and 100% of the rehab.
This is much more than most HML’s will lend, but it’s not quite 100%.
You’ll need to bring 10%, plus your closing costs, plus origination fees to the table. Closing costs vary across the county, so check with your local investor friendly title attorney for typical closing fee
Generally yes. We are not concerned the source of your down payment for the deal, so long as your credit, current income, and bank statements illustrate your ability to pay back the loan.
As a matter of standard operating procedure, all lenders require a clear marketable title prior to loan approval. This protects our investment and it also protects you. Contact your local investor-friendly title company or title attorney. They should be able to provide you with a list of fees that are associated with the title.
No. You are only limited by the amount of the Investor Line of Credit for which we’ll approve you. That number can change as your income or financial situation changes.
Yes. Generally speaking, we are far more concerned with what is on the credit report than the credit score. We’ve worked with borrowers who had FICO scores as low as 600.
Here’s a general rule: if you’ve had a lien, judgment, bankruptcy, short sale, or foreclosure in the last 24 months, we may unable to fund your deal through our hedge fund partner. We still however may be able to fund the deal through our house account. Just know however that you’ll pay more for this money, and you will have to provide a pretty solid explanation of your situation.
Yes. We will need 2 years of tax returns, a bank statement showing your capital, and a personal financial statement.
We have not had particularly good luck working with brokers, but we are willing to try.
If you are the owner or leader of a Real Estate Investment Association (REIA), or Meet-up group, and you’d like to pitch our services to your members, we would gladly speak to you about compensating you for the referrals.
We primarily lend on single-family attached and detached houses.
We also underwrite many loans for landlords as well – so feel free to bring us your single-family and multi-family rentals. Remember, our loans are short-term, 6 – 12 months. That means you’ll need to prove that you have a bank lined up to re-fi our loan.
No. Dominion Financial loans are “interest-only” with a balloon payment at the end of the 6 – 12 month term. This is very typical for all hard money loans.
Dominion Financial lends based on the property’s value once you’ve completed the repairs. In other words, we lend based on the After Repair Value (ARV).
No. We believe in making the borrowing process as easy as possible. We are the most competitive lender in the country in terms of interest rate and points, but we also believe a borrower should have some amount of skin in the game.
Yes. We understand that sometimes even the best of deals don’t go as planned. We do however have to pay for the money that we borrow. That said, we’re happy to extend the loan for 1 point per month. That’s 1% of the loan amount in addition to the existing payment.
If the house is your personal residence, the answer is “No.” If the house is an investment property, the answer is also more than likely, “No,” unless you have a significant amount of equity in that property or another investment property.
We will, however, assist you with a short sale on the property.
Dominion Financial Services LLC. NMLS ID # 898795, 1029 N Calvert St Baltimore MD 21202. Dominion Financial Services LLC is not currently licensed in NV. Dominion Financial Services, LLC is licensed or exempt from licensing in all other states.
Dominion Financial Services, LLC is licensed in Minnesota as a Mortgage Originator (License No. MN-MO-898795). Dominion Financial Services, LLC is licensed in Arizona as a Mortgage Banker (License No. 0950308). Dominion Financial Services, LLC is licensed as a California Finance Lender and Broker under Department of Business Oversight (License No. 60DBO 91679). Dominion Financial Services, LLC is licensed in South Dakota as a Mortgage Lender (License No. ML-05220). Dominion Financial Services, LLC is licensed in North Dakota as a Money Broker (License No. MB103364). Dominion Financial Services, LLC is licensed in Vermont as a Commercial Lender (License No. 898795 CLL). Dominion Financial Services, LLC is licensed in Oregon as a Mortgage Lender (License No. ML-5763). Dominion Financial Services, LLC is licensed in Idaho as a Mortgage Broker/Lender (License No. MBL-2080898795).