Dominion Financial Services/ Private Money

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Dominion Financial Services/ Private Money

Andy Grubbs
Mount Juliet, TN · Member since 2015 · 2 posts · 2 votes

Does anyone know of or had dealings with Dominion Financial Services. I received a letter from them wanting to finance my next flip but I can't really find out much about them online. They are in Baltimore, MD. I may want to have a back up plan if needed on a deal but won't work with just anyone.

Thans,

Andy

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Brian H.
Carolina · Member since 2017 · 519 posts · 222 votes
7y

@Patricia King

Thanks for that.  Seems most of the positive reviews in this thread were from people that have never posted here before? Granted so was yours... but I am warier of an account leaving a positive review as their first post or two and never posting again... makes me think someone at the company is trying to pump them up. Maybe that is just me being paranoid. Can't seem to find many people that can say they have used them successfully or even gotten a callback?

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  • Serhiy Alekseyenko
    Member since 2018 · 1 post · 0 votes
    8y

    I'd like to share my Excellent experience with doing the recent Refinance with Dominion Group. 5 stars, all day long.

    They were great from the get go, very professional,very flexible, very transparent about the services, rates and time frames. Their rates are very competitive, and didn't change during the process. Their team is very organized with different people having different responsibilities, but each of them acted like they sincerely cared about their image and customer satisfaction. It was no delays on their end, and no hidden fees on the end..Kudos guys!

    Sergio A.

    0Reply
  • Brian H.
    Carolina · Member since 2017 · 519 posts · 222 votes
    8y

    Thank you for the update!!

    Also, @Account Closed , did you end up using them or having much interaction? Also, you said you have used Sherman Bridge? How was that?

    0Reply
  • Garry Sample
    Glen Allen, VA · Member since 2018 · 2 posts · 0 votes
    8y

    They were very easy to work with.  I closed in 10 days with them, also I had to do a 2month extension with them and that wasn’t a problem for them.  I will used them again and I will refer them to any investor. 

    0Reply
  • Account Closed
    Rental Property Investor · Miami, FL · Member since 2014 · 80 posts · 55 votes
    8y

    @Brian H. No I did not end up using them but have closed three auction properties over the last 2 months with Sherman Bridge.  Sherman has been great to work with and the more deals you do with them, the better the rate/terms. Dominion was unresponsive but I'm sure they are OK.  I now have a relationship with Sherman (built over 2 years) and will keep using them.

    0Reply
  • Brian H.
    Carolina · Member since 2017 · 519 posts · 222 votes
    8y
    @Bret Faszholz, fantastic. Thanks for the information on Sherman Bridge. Seems so hard to find a lot of positive posts regarding HMLs!
    1Reply
  • Steven Johnson
    Member since 2018 · 2 posts · 0 votes
    7y

    I have done many loans with Dominion. I did some loans when the first started and many since. They are very fast they understand re-hab process and are very good at advising through the process. 

    I even had Houses they loaned money on, and they actually bought them from me when they were finished. I recommend they 100% I sold 4 of they at one time. They are very well funded.

    0Reply
  • Steven Johnson
    Member since 2018 · 2 posts · 0 votes
    7y

    I have done many loans with Dominion. I did some loans when the first started and many since. They are very fast they understand re-hab process and are very good at advising through the process. 

    I even had Houses they loaned money on, and they actually bought them from me when they were finished. I recommend they 100% I sold 4 of they at one time. They are very well funded.

    0Reply
  • Charles Kao
    Specialist · Grand Rapids, MI · Member since 2016 · 1k+ posts · 611 votes
    7y
    @Serhiy Alekseyenko Any actual details? What is fair and reasonable mean exactly?
    0Reply
  • Kevin M Finley
    Developer · Kenosha, WI · Member since 2017 · 141 posts · 91 votes
    7y

    Just wanted to update- I went through the process and was approved for $166,500, which is about $90k less than my initial line with FOA commercial... however it took 4 days and was easy. FOA commercial took 3 months and made me pull my hair out. 

    I just shot a signed contract to my contact at Dominion this morning, copied title, and they got back immediately and said they were working on it right away. This deal has to close in 7 days so it may be interesting to see how they react. Hardly any repairs but due to quick close I really can't use a traditional mortgage. Just have to BRRR it.

    I'll update on how it closes out. 

    1Reply
  • Kevin M Finley
    Developer · Kenosha, WI · Member since 2017 · 141 posts · 91 votes
    7y

    Update: 

    Unfortunately the loan estimate and terms did not work out, so I went with a private money lender. 

    Originally I ran my numbers on the terms advertised, but apparently they decided they could only give me 60% ARV, and the ARV they calculated was around 15% lower than mine, so the amount of cash I needed to tie up in the deal was not worth it.

    Positives: Extremely fast response time. Fast estimates. Clear and concise terms. Quick closings. 

    0Reply
  • Patricia King
    Member since 2018 · 2 posts · 1 vote
    7y

    I did not have a positive experience with Dominion.  I received the same letter that other have received touting a quick, easy, and seemingly personal loan process. 

    Did not turn out to be the case at all.   The rep I dealt with was slow to respond even though he knew we had a closing coming up quickly.  I didn't even get any kind of acknowledgement that my application had been received until 4 days later.  I was starting to wonder if my data was being sold on the dark web  :) 

      The rep insisted that I enter all of our assets, real estate holdings, liabilities, etc line by line into their application even though I had submitted an excel spreadsheet with all of it clearly listed.  It would have taken hours to re-enter all of the exact same data into their form. 

    It just rubbed me the wrong way and I decided to pass. The rep stated "It's not difficult to enter the information into the form."  Ha ha, no loan application is "difficult" but this one is much more time consuming with unnecessary data entry than other lenders I have used. The letter is nothing more than a marketing ploy.  I'm a little embarrassed I bought in to it.

    1Reply
  • Brian H.
    Carolina · Member since 2017 · 519 posts · 222 votes
    7y

    @Patricia King

    Thanks for that.  Seems most of the positive reviews in this thread were from people that have never posted here before? Granted so was yours... but I am warier of an account leaving a positive review as their first post or two and never posting again... makes me think someone at the company is trying to pump them up. Maybe that is just me being paranoid. Can't seem to find many people that can say they have used them successfully or even gotten a callback?

    7Reply
  • Larry Stone
    Rental Property Investor · MI · Member since 2019 · 5 posts · 3 votes
    7y

    any updates on Dominion???   thinking of using them.  thanks  

    0Reply
  • Michael Freeman
    Tucson, AZ · Member since 2013 · 2 posts · 0 votes
    7y

    I received many mailers and finally called.

    Wade picked up immediately. Will follow up 

    and apply for prequalification and post my experience.

    0Reply
  • Chris Nowak
    Investor · Chicago, IL · Member since 2014 · 7 posts · 3 votes
    7y

    Michel did you have a chance to get the pre-qual from Dominion?

    How was your experience? 

    0Reply
  • Arturo Herrera
    Member since 2020 · 1 post · 0 votes
    6y

    Hey I'm in the same page. Received the letter and wanted to hear some experiences. Michael Freeman did you finally went through with Dominion? 

    0Reply
  • Pat HeidingsfelderBusiness Member
    Real Estate Broker · Biloxi, MS · Member since 2016 · 170 posts · 92 votes
    5y

    Any updates on Dominion Financial? We're thinking about using them to fund a few flips we've got in the works.

    [email protected]228-364-1818
    MS Coast Rentals4.880 Reviews
    WebsiteView Page
    0Reply
  • Anjanette Vanessa Delgado
    Miami, FL · Member since 2020 · 4 posts · 4 votes
    5y

    So, here is my experience with Dominion so far. I was contacted through a broker working for them. The pre-qualification was fast and as promised. But then...  Working with the documents (coordinator) was a mess. He would send me the briefest of emails to the point that only when I saw him asking my title company for a closing date did I know I had been approved, despite asking frequently. I was supposed to close this past Friday. That morning, the coordinator calls me to apologize because he had fumbled the numbers and there were $11k more needed to close. So I asked them to adjust their escrow requirements to allow me to close without more inconvenience. Basically, my insurance is paid until Feb. 2016, so why do they need insurance escrows? And they want to calculate taxes escrows until May 2022. I have never seen that. Taxes are prorated during the year of the sale. If insurance is paid for over 10 months, why do they need 6 months escrow? So I decided to talk to a supervisor. I couldn’t believe they would let the deal fail over such a little thing. No supervisor got back to me. Coordinator told me that was the way it was and to let him know quickly if I was “going to walk.” 
    Well, I have left messages for the CEO and someone in accounting. No response as of yet and impossible to get them on the phone. I am a small investor with only 9 properties, but have closed over 25 times over the years. Had never seen anything like this. If anyone knows someone who cares about customer retention there, I’d be grateful for the contact. At least so they know what is up. Thanks for reading, everyone. Which I had better things to say about them. 

    2Reply
  • Tom GimerBusiness Member
    DMV · Member since 2017 · 3k+ posts · 3k+ votes
    5y

    @Anjanette Vanessa Delgado Lenders pad escrows so there is not a shortage in the foreseeable future. If they escrow 6 months of hazard at closing, when the next annual bill becomes due they will have 15-16 months in escrow.... that means they padded it 3-4 months. Not unreasonable, imo. The same applies to RE taxes. If either the policy or the taxes go up (likely in the rehab scenario), the lender does not need to adjust monthly payments immediately.

    Dominion is in a risky segment and they've been around for almost 20 years... so they must be doing a bunch of things right.

    Gimer Law516 Reviews
    WebsiteView Page
    0Reply
  • Helena Sori
    Las Vegas, NV · Member since 2016 · 10 posts · 2 votes
    5y

    Ok hello everyone 

    I know this is an old thread but Im thinking of using dominion and I can’t find much about them anywhere else. Only here. 
    has anyone use them or knows anything about them? 
    are they responsive or is it hard to get a hold of them in the process? 
    please let me know 

    0Reply
  • Jack SmithPro Member
    Rental Property Investor · Massillon, OH · Member since 2017 · 216 posts · 168 votes
    5y

    Dominion Financial Services LLC, just quoted me on a portfolio cash out refi with very reasonable terms.... almost sounded too good to be true, in fact. I'm about to pull the trigger and pay for appraisals, but had that nagging feeling I should do a little more due diligence. However, I see one of the owners is a Pro member, active on BP, and is a podcast sponsor, too. They do have a couple different Baltimore addresses for their different companies. In fact they linked this forum post in their literature!

    Sounds like they're on the level.  

    1Reply
  • Thomas Stevenson
    Rental Property Investor · Massillon, OH · Member since 2019 · 23 posts · 9 votes
    5y

    @Jack Smith  would be interested if you do pull the trigger with  Dominion Financial Services LLC and how closing goes. Still haven't secured my Cash out on my 3rd BRRR.

    Love to hear how it works out.  Thanks! 

    0Reply
  • Marsay Winder
    Hampton, VA · Member since 2017 · 24 posts · 16 votes
    4y

    Has anyone completed a transaction with Dominion lately?  I have a couple of quotes for a refi with great terms but one of my other lenders spoke poorly about them. Trying to get some objective feedback on anyone who has completed a deal with them.  

    0Reply
  • Jack SmithPro Member
    Rental Property Investor · Massillon, OH · Member since 2017 · 216 posts · 168 votes
    4y

    We’re still in progress; one appraisal fell through the cracks and is schedule for next week.  Through it I met a couple great local appraisers at our other properties, so - so far, so good!  

    0Reply
  • Kerry BairdPro Member
    Rental Property Investor · Melbourne, FL · Member since 2011 · 3k+ posts · 2k+ votes
    4y

    I received a marketing piece with 5 of my properties listed, at 4.25%, up to 75% LTV, 2% origination and 1.20 DCSR. I have used LendingOne and Visio, and have no experience with this company. It is a competitive offer.

    1Reply
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