An Investor Line of Credit up to $2.5M?

7 Replies

Anyone have any experience with this lending company; Dominion Private Lending www.dominionprivatelending,com ? They claim they can approve experienced investors with a Dominion Financial Investor line of credit up to $2.5M

Morning Mike  hows things in Napa ???  

most of the larger HML have this same program.. Lendinghome   Lima One  this is for fix flip inventory and I suspect they have a product to roll into buy hold which is selling the loans to a wall st.  I am not familiar personally with the company you mention.. However I do have clients that have gotten the 5 mil LOC's based on experience from the companies mentioned above. Also depending on where you operating you maybe able to get a Guidance line from an actual bank.. we have one of those for the 2.5 million and its bank rates 1 and 5  .. no junk fee's but its full doc strong reserves all the stuff banks look for along with deposit relationships.

Mike while I am not familiar with them personally I see they are in MD..  And are legit they list all their licenses in the states they work in clearly denoted on the front page as required by  law..  So that's a good thing.
So many fake lenders out there these days trying to scam newbies out of up front funding fee's  .. its the Nigerian prince scam coming to private lending.. 

Also if you have not check out Conventus there is SF  (  Keith Tomao )  They are the real deal..  And have walls st. backing form what I have seen.. I think most of the bigger HML shops these days have large guidance lines with the big money guys in the financial markets.. Normally called Guidance lines as I mentioned.

Jay
All is well in my "neck of the vines" - The RE markets here in the Sonoma, Napa, Solano counties are WHITE HOT! (at the moment) next time you're down this way give a shout out.
I was curious about this firm and others because they may it sound so easy.
Thanks

They are real and the other names Jay mentioned are as well. Most of the larger lenders now have similar Line programs. I would always check the company size etc. Some will have different terms and limits: ex. we go up to $20m. One thing to keep in mind that almost none of them will tell you upfront is that it is not exactly like a line of credit you have on your home. You can’t just pull it down whenever you want. Basically, as you do each property there is still an appraisal and underwrite , although a simpler and easier process.  Lots of smoke and mirrors out there so trust your instincts.


Originally posted by @Matthew Neisser :

They are real and the other names Jay mentioned are as well. Most of the larger lenders now have similar Line programs. I would always check the company size etc. Some will have different terms and limits: ex. we go up to $20m. One thing to keep in mind that almost none of them will tell you upfront is that it is not exactly like a line of credit you have on your home. You can’t just pull it down whenever you want. Basically, as you do each property there is still an appraisal and underwrite , although a simpler and easier process.  Lots of smoke and mirrors out there so trust your instincts.

YUP to my knowledge true LOC's are really only done by local community banks for local business folks.. they can be unsecured or secured I have both.. I got my unsecured Line years ago to buy court house steps.. we would buy the property then when we got the deed we would secure it up with our secured LOC'.. takes a good banker to set those up for you.. I know a few of the HML out on the west will do something similar mainly the guys out of Seattle and maybe Vestus but those are HML rates my bank LOC's are 4.5 to 5% with annual roll over of a point .. plus I technically have to zero it out once a year for 30 days.

 

Originally posted by @Michael Morrongiello :

Jay
All is well in my "neck of the vines" - The RE markets here in the Sonoma, Napa, Solano counties are WHITE HOT! (at the moment) next time you're down this way give a shout out.
I was curious about this firm and others because they may it sound so easy.
Thanks

AS the other gentlemen from Lending one mentioned  these company's give you a commitment letter .. I know Lima told me if I want a 5 million one I needed to pay 20k for it up front.. I have used Lima on new construction I am doing in Charleston SC when I run up to my limits with the local bank there they have done a few of my over flows.

Also as stated each new deal needs an appraisal update financials etc etc.. at least yearly.. so its basically a glorified commitment letter from what I can gather.  And for very experinced folks about a 8 to 10% Apr.