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
Lending Guidelines for Dominion Financial
Below are the general loan guidelines published on the Dominion Financial website. Please confirm all terms and rates directly with the lender.
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
The following loans are for education purposes only. They do not represent actual loans executed by Dominion Financial.
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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