Phone: 410-727-5400
Address: 1029 N Calvert St, Baltimore, MD
Website: http://www.dominionprivatelending.com
States They Lend In: Maryland
DECENT CREDIT
To borrow from Dominion, 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.
SOME CASH
We will fund 90% of the purchase price and 100% of the rehab. That is far more than most lenders – but it's not quite 100%. You’ll need money for the 10% down payment, closing costs, and cash to get the rehab started. Generally, if you have $25,000-$30,000 cash reserves – we can approve you for a Dominion Investor Line of Credit starting at $100K to $2.5 million. Let's talk now.
90% of Acquisition, 100% of Rehab
Max 70% LTV
12% interest only, paid monthly
5% origination fee, paid at closing
$380 Loan Doc preparation to attorney – not a Dominion fee
$150 per repair draw (if applicable)
$250 loan payoff fee to coordinate payoff with title attorney
No pre-payment penalty
No application fees, appraisal fees, underwriting fees
90% of Acquisition, 100% of Rehab
Max 70% LTV
12% interest only, paid monthly
5% origination fee, paid at closing
$380 Loan Doc preparation to attorney – not a Dominion fee
$150 per repair
They will tell you numbers up front and then change them day before closing. Anthony Pace has no clue what he is doing and misquotes a lot of information. I can go into way more detail but have already left several reviews. My advice is avoid and use one of the other 1000000 hard money lenders out there.
A few years ago I received a letter from Dominion inviting me to apply for a line of credit. I had just sold a house financed by another hard money lender. After some hesitation I completed the application and Dominion approved the line of credit.
Since then Dominion has funded 8 deals. I am very happy with them. The staff at Dominion is very professional and punctual. Theit response is timely. They mean what they say.
Normally, when I have deal i send an email to Jack BeVier. Jack responds within the day providing details about the terms of the loan. Meantime he cc’s the terms to other Dominion staff involved in the deal who take over the loan application processing.
The closing is very fast as the Dominion staff communicates with the buyer attorney and the title company.
I would suggest for those in real estate market of house flipping to work with Dominion Financial. It is one of the best companies out there in hard money lending. Thank you to all he Dominion staff for financing my deals. Thank you Jack Thank you Essie.
Al Daci
Prime Properties Realty LLC
Dominion is providing 125K (73%) of the purchase price and I’m providing the rest. It usually is 90%, but I was told that funds in a Solo 401K or IRA cannot be touched in a Judgement against me if I would default. I need to look this up to ensure the legal reasoning is correct. The deal is 4% origination and 12% annual for 6 Month loan period.
I’ve obtained insurance (6 months) for the property and loan period.
Purchase Price: $183,700.
As-is comps were 242k-250k
My plan is to sell on the retail market with my pricing starting at 250K.