Dominion Financial
32 S Street
Baltimore, MD 21202
-
About Dominion Financial
Dominion Financial Services is a private lender serving professional single-family real estate investors. We offer fix & flip loans, 30-yr fixed-rate rental loans, new construction financing, and multifamily bridge loans. We currently lend in all 50 states and Washington D.C (with the exception of Nevada). For Fix & Flip, call today to get pre-approved for your investor line of credit. Up to 90% of purchase price, 100% of rehab, and 70% of ARV. We want you to be able to pull the trigger and fund your deal within DAYS of finding it. Closings as fast as you can get title work, no upfront fees, no appraisal requirements, nationally-competitive rates.
Visit Website
Loan Types Offered: Fix and Flip Loans, Refinance / Cash Out Loans
Property Types Covered: Single Family, Multi Family, Apartment, Retail, Hotel, Mixed Use, Land
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, VT, AR, CA, AZ, IA, ME, ID, MN, MS, MT, ND, SD, UT, OR
-
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 Loans
Loan 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/ARefinance / Cash Out Loans
Loan Amounts: $75,000 - $2,000,000
Available Rates: N/A
Typical Terms: 1 months
Points Charged: N/A
Max Loan-to-Value (LTV): 75%
Max Loan-to-Cost (LTC): 75%
Owner Occupied Allowed: NO
Interest Only Loans: NO
Prepayment Penalties: YES
Minimum FICO Score: 680
Time to Close: 2 Weeks -
Loan Examples
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) -
by Chad 08/29/2024
It's been a great pleasure to work with Maria at Dominion Financial. From loan application to closing, she was on top of my file and closed on time! Quick, on point, on schedule - Thank you so much!!
It's been a great pleasure to work with Maria at Dominion Financial. From loan application to closing, she was on top of my file and closed on time! Quick, on point, on schedule - Thank you so much!!by Mango 06/13/2024
Tinika is a great asset for Dominion Financial. Always responsive, well seasoned and courteous.
Tinika is a great asset for Dominion Financial. Always responsive, well seasoned and courteous.by Concernedworker 05/17/2024
Stay away from this company. They will not allow us to tell clients they are not qualified until clients pay for appraisals or unless title packages come in. This causes clients to lose money and it's sad because we know they won't qualify. Also they won't give you the best rate possible. Please make sure to do your research about this company and plenty of other companies that will give you a better deal.
Stay away from this company. They will not allow us to tell clients they are not qualified until clients pay for appraisals or unless title packages come in. This causes clients to lose money and it's sad because we know they won't qualify. Also they won't give you the best rate possible. Please make sure to do your research about this company and plenty of other companies that will give you a better deal.by Jared 09/27/2023
They will not stop marketing even after they are asked to do so.I get letters weekly from them.
They will not stop marketing even after they are asked to do so.I get letters weekly from them.by Anjanette Delgado 02/28/2022
Let me preface this review by saying that I have been doing everything possible to rectify this issue directly with Dominion for almost an entire year. At this point, I am at the end of my rope and the best I can do is warn against doing business with Dominion Financial Services. From the beginning of my dealings with this company, it has been one mistake after another. First, I established a monthly payment greater than the amount of my loan, intending for the difference to go to principal. For three months, only the amount for the loan was deducted. In the third month, this payment was deducted twice. Not only was the incorrect amount being deducted (no money was being added to my principal), but I was also unable to determine what was being deducted, when and why. I was able to get a hold of one of the agents, henceforth referred to as Agent A, who, after some back and forth, succeeded in correcting the mistake, retroactively crediting my principal with what it would have been had Dominion taken my payments as instructed to begin with.After this, and without my consent, Dominion suddenly transferred my loan to another lender. While this in itself was an inconvenience (given that I had already gone through so much trouble to correct Dominion's mistake), it only got worse. Dominion's initial disbursement to the new lender did not show the changes that Agent A had made to rectify their initial mistake. Over several months, I tried contacting Dominion dozens of times via email and phone call, but there was no accountability on their behalf. I was given the run around at every juncture. My requests to speak to upper management were consistently deferred.Months later, when someone (Agent B) finally got back to me, things did not improve. Without my knowledge, Dominion had sent a refund (to an old bank account) for the extra money I had authorized Agent A to deduct to make up for the difference in principal due to their incorrect deductions months prior. To summarize, Dominion had: neglected to take the correct amount for principal, adjusted the error, taken additional money to correct mistakes in withdrawing, then returned that extra money to an account no longer in use and without notification. This meant that the new lender had not received the adjustments to my principal, resulting in a loss of approximately $2,000 on my most valuable asset, as evidenced by the amortization table Dominion provided. Agent B directly acknowledged the fault of Dominion but did not take accountability for the mismanagement or correct the issue. The only action Agent B took was to offer me a Venmo payment for what he decided was my financial loss: $21 of lost interest.Again, I requested to speak to upper management. The director of Dominion FInancial Services replied, offering to Venmo me $30 and misrepresenting some facts about my account, especially with regards to the financial loss I incurred due to Dominion’s myriad mistakes. Given the tone of the email, I had my lawyer take over all communications with Dominion. Since then, I have had trouble with my current lender due to errors in Dominion's initial disbursement of my escrow account and insurance payments they had withheld.I have been managing properties for years now and I have never encountered such difficulty communicating with a lender, not to mention their utter lack of accountability and the low value they place on customer satisfaction. Needless to say, if you're considering doing business with Dominion Financial Services: stay away. They make mistakes, the customer pays.
Let me preface this review by saying that I have been doing everything possible to rectify this issue directly with Dominion for almost an entire year. At this point, I am at the end of my rope and the best I can do is warn against doing business with Dominion Financial Services. From the beginning of my dealings with this company, it has been one mistake after another. First, I established a monthly payment greater than the amount of my loan, intending for the difference to go to principal. For three months, only the amount for the loan was deducted. In the third month, this payment was deducted twice. Not only was the incorrect amount being deducted (no money was being added to my principal), but I was also unable to determine what was being deducted, when and why. I was able to get a hold of one of the agents, henceforth referred to as Agent A, who, after some back and forth, succeeded in correcting the mistake, retroactively crediting my principal with what it would have been had Dominion taken my payments as instructed to begin with.After this, and without my consent, Dominion suddenly transferred my loan to another lender. While this in itself was an inconvenience (given that I had already gone through so much trouble to correct Dominion's mistake), it only got worse. Dominion's initial disbursement to the new lender did not show the changes that Agent A had made to rectify their initial mistake. Over several months, I tried contacting Dominion dozens of times via email and phone call, but there was no accountability on their behalf. I was given the run around at every juncture. My requests to speak to upper management were consistently deferred.Months later, when someone (Agent B) finally got back to me, things did not improve. Without my knowledge, Dominion had sent a refund (to an old bank account) for the extra money I had authorized Agent A to deduct to make up for the difference in principal due to their incorrect deductions months prior. To summarize, Dominion had: neglected to take the correct amount for principal, adjusted the error, taken additional money to correct mistakes in withdrawing, then returned that extra money to an account no longer in use and without notification. This meant that the new lender had not received the adjustments to my principal, resulting in a loss of approximately $2,000 on my most valuable asset, as evidenced by the amortization table Dominion provided. Agent B directly acknowledged the fault of Dominion but did not take accountability for the mismanagement or correct the issue. The only action Agent B took was to offer me a Venmo payment for what he decided was my financial loss: $21 of lost interest.Again, I requested to speak to upper management. The director of Dominion FInancial Services replied, offering to Venmo me $30 and misrepresenting some facts about my account, especially with regards to the financial loss I incurred due to Dominion’s myriad mistakes. Given the tone of the email, I had my lawyer take over all communications with Dominion. Since then, I have had trouble with my current lender due to errors in Dominion's initial disbursement of my escrow account and insurance payments they had withheld.I have been managing properties for years now and I have never encountered such difficulty communicating with a lender, not to mention their utter lack of accountability and the low value they place on customer satisfaction. Needless to say, if you're considering doing business with Dominion Financial Services: stay away. They make mistakes, the customer pays.by JSI 07/27/2021
I have worked with private lenders before and have always paid interest based on the funds drawn. Be careful of doing business with this company. I didn’t make a single draw and my interest only payment jumped about $500 more each month. Definitely will be the last time I use this company for any and all my lending needs. I regret ever making the decision to use seek funding through them. Just be careful what you are getting into and read every singleLine.
I have worked with private lenders before and have always paid interest based on the funds drawn. Be careful of doing business with this company. I didn’t make a single draw and my interest only payment jumped about $500 more each month. Definitely will be the last time I use this company for any and all my lending needs. I regret ever making the decision to use seek funding through them. Just be careful what you are getting into and read every singleLine.by 403 07/09/2021
I received a letter from Wade Susini, full of serious errors about who owns what property and what is or is not a rental. It seems to me, they use a data broker (which is not supposed to be a legitimate use of these unreliable scrapers). My impression is they are untrustworthy.
I received a letter from Wade Susini, full of serious errors about who owns what property and what is or is not a rental. It seems to me, they use a data broker (which is not supposed to be a legitimate use of these unreliable scrapers). My impression is they are untrustworthy.by Ksoccer09 01/18/2021
Wade did a refinance for me on a rental property that I had a hard money loan on. The process was very streamlined. Limited docs needed. He would always respond to my emails/phone calls when I had a question. Very professional and will be using him again.
Wade did a refinance for me on a rental property that I had a hard money loan on. The process was very streamlined. Limited docs needed. He would always respond to my emails/phone calls when I had a question. Very professional and will be using him again.by Disappointed 10/03/2020
Dominion promised that my commercial loan would be based on LTV and income coverage, as all commercial loans are. We are paying commercial rates, but then, after expending $575, we were asked to sign documents that require us to provide a wide variety of documents including tax returns, personal financial information, and "...any other documents requested by Dominion or anyone Dominion sells the loan too..."They deceived me, they deceived buyers. When questioned on multiple occasions, the only response was "...we have used this form for over 10 years and don't want to pay to change it...". VERY deceptive practices...
Dominion promised that my commercial loan would be based on LTV and income coverage, as all commercial loans are. We are paying commercial rates, but then, after expending $575, we were asked to sign documents that require us to provide a wide variety of documents including tax returns, personal financial information, and "...any other documents requested by Dominion or anyone Dominion sells the loan too..."They deceived me, they deceived buyers. When questioned on multiple occasions, the only response was "...we have used this form for over 10 years and don't want to pay to change it...". VERY deceptive practices...