Dominion Mortgage Corporation

About Dominion Mortgage Corporation

Dominion Mortgage Corporation is a Los Angeles, CA based private money lender. They provide loans all throughout the country. They offer short term loans, refinancing, private commercial loans, and new construction loans. They provide rates ranging between 5.5% and 12%, terms between 12 months and 60 months, and loan amounts ranging from $100,000 to $750,000 with a maximum LTV of 75%. They provide loans on most property types, including multi family, apartments, office units, retail units, hotels and motels, storage buildings, assisted living facilities, mixed use spaces, undeveloped land, churches, warehouse buildings, industrial buildings, and medical offices.

Loan Types Offered: Commercial Hard Money Loans, New Construction Loans, Refinance / Cash Out Loans, Bridge Loans

Property Types Covered: Multi Family, Apartment, Office, Retail, Hotel, Storage, Assisted Living, Mixed Use, Land, Church, Warehouse, Industrial, Medical

Areas Served: National

Licenses: DRE #: 00618537

Lending Guidelines for Dominion Mortgage Corporation

Below are the general loan guidelines published on the Dominion Mortgage Corporation website. Please confirm all terms and rates directly with the lender.

Loan Examples

The following loans are for education purposes only. They do not represent actual loans executed by Dominion Mortgage Corporation.

Loan Example 1

Wallace runs a business in Salt Lake City, UT and decides to purchase a new building to run his operations. Because he is unable to get a conforming loan from a bank, he looks to Dominion Mortgage Corporation for a commercial hard money loan. The list price of the new building is $400,000 and the lending company agrees to contribute 85% of the price (the loan to value / "LTV"), or $340,000. The other $60,000 will need to be contributed by the borrower when the transaction closes. The terms of the deal include a 12 month term, a 12% interest rate, and a 5 origination fee paid by Wallace when the deal closes. Wallace will be required to pay an origination fee of $17,000 and will then start making the interest payments of $3,400 ($340,000 principle x 12% interest rate / 12 months per year). He may re-pay the note whenever he decides to because there is no pre-payment penalty but he will be responsible for paying off the full principle whenever he eliminates the loan.

Loan Example 2

Jordan finds a duplex in Fontana, CA to renovate and re-sell. Because he does not have enough cash to buy the property outright, he takes a hard money bridge loan from Dominion Mortgage Corporation with the following parameters:

$230,000 sales price
75% loan-to-value (LTV)
6 month term
14% rate of interest
2% origination fee

After the rehab project is complete, if Jordan sells the project for $276,000, the final numbers would be the following:

$276,000 sales price
- $172,500 principle on note (75% LTV)
- $57,500 cash paid at closing (25% on 75% LTV)
- $3,450 origination fee (2% of the $172,500 principle amount)
- $12,075 total interest paid (6 months x 14% interest)
-----------------------
= $30,475 gross profit (doesn't include taxes or rehab costs)

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