About Dominion Financial
Dominion Financial is private lender headquartered in Baltimore, MD. They offer funding in 36 states across the US. Their focus is mainly on fix-and-flip loans. The focus of their loans is for single family units and multi family.
Loan Types Offered: Fix and Flip Loans
Property Types Covered: Single Family, Multi Family
Areas Served: AK, AL, CO, CT, DC, DE, FL, GA, HI, IL, IN, KS, KY, LA, MA, MD, MI, MO, NC, NE, NH, NJ, NM, NY, OH, OK, PA, RI, SC, TN, TX, VA, WA, WI, WV, WY
Fix and Flip LoansLoan Amounts: N/A
Available Rates: N/A
Typical Terms: N/A
Points Charged: N/A
Max Loan-to-Value (LTV): N/A
Max Loan-to-Cost (LTC): N/A
Owner Occupied Allowed: N/A
Interest Only Loans: N/A
Prepayment Penalties: N/A
Minimum FICO Score: N/A
Time to Close: N/A
Loan Example 1
Ray takes a fix-and-flip loan from Dominion Financial in order to remodel a townhouse to resale in Houston, TX. The list price of the property is $300,000. Because the lender sets a 50% loan to value, Ray will need to put 50% down so the principle amount of the loan will be $150,000. The parameters of the loan dictate a 8% note for 6 months. They also require a 3 point origination fee, that will also be paid upon closing.
Ray will need to contribute $150,000 at the closing (50% on the 50% loan to value), plus he will pay the $4,500 origination fee. The monthly interest-only payments will then be $1,000 to Dominion Financial. Ray 's intention is to finish the renovation by the end of the 6 months and sell it for $360,000. If he succeeds he will earn a profit of $49,500 ($360,000 price - $150,000 principle amount - $150,000 funds brough to closing - $4,500 origination points - $6,000 in interest.
Loan Example 2
Jeremy takes a fix and flip loan from Dominion Financial in order to rehab a house to flip in Houston, TX. The deal has the following parameters:
a) A $280,000 purchase price, b) a 65% loan to value (LTV), c) a 6 month term, d) a 8% interest rate, and e) a 3% origination fee.
Based on a $350,000 sales price after the 6 month term, the numbers for this project would look like this:
$350,000 sales price
- $182,000 principle (65% LTV)
- $98,000 cash paid at closing (35% on 65% LTV)
- $5,460 origination fee (3% of the $182,000 principle)
- $7,280 interest payments (6 months x 8% interest)
= $57,260 gross profit (does not include taxes or rehab costs)
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