Dominion Mortgage Corporation has been offering multi-family programs for almost 40 years. What’s different about this program, Paul Horvitz (firstname.lastname@example.org) , President of Dominion Mortgage says, “this multi-family loan program with loans to $30 million targets the unloved borrower, those who, for some reason don’t qualify for Freddie Mac or FNMA lending guidelines.”
These flexible programs at conventional rates offer cash out, loans to foreign nationals, corporations, partnerships and trusts. Dominion’s program is offered throughout the United States for acquisition or refinance.
Dominion also offers bridge loans on apartments nationwide. This program is made to go along with Dominion’s nationwide commercial lending, nationwide healthcare real estate lending, and jumbo residential loan programs to $10 million.
Information regarding this new multi-family lending program from Dominion was featured in two national publications. The links to the articles are below.
LOS ANGELES, CALIFORNIA – June 4, 2014
Dominion Mortgage Corporation, the residential and multifamily lending division of Los Angeles based Dominion Corporation, has announced the introduction of their multifamily portfolio lending program designed to fund in major markets across the United States. This program will make loans up to $30 million. Dominion has been considered as an innovative direct lending source for many years with a healthcare lending division, a commercial lending division, a residential platform, and multifamily lending division, all of which are actively seeking new lending opportunities.
“This national multifamily lending program is an excellent alternative to the popular governmental sponsored programs available in the marketplace,” says Paul Horvitz, President of Dominion. “We make this fixed rate product available to borrowers who are frustrated by the red tape that often is accompanied by government and government sponsored multifamily lending alternatives.” “We also have bridge products available to multifamily borrowers for renovation, bridge-to-sale, and other borrowers’ needs previously not covered by most apartment lenders.”
Keith Olson, Dominion’s Executive Vice President in charge of origination, said “I’m happy to have a solution for borrowers, brokers, and portfolio apartment owners that makes qualifying standards easy and accessible.” “We hope that the borrowing public will be as excited by Dominion’s new multifamily lending programs as we are to offer them.”
Loren Thall, Dominion’s Vice President of Underwriting, points out “I’m happy that these program guidelines can finally be offered to the consumer. It makes my job a lot easier when the underwriting is simple and easy to follow for the borrower.” “We are also seeing many referrals from bankers who don’t offer multifamily loans to their clients. “Since Dominion does not require a banking relationship, the referring bank does not lose the borrower when the borrower takes an apartment loan from Dominion.”
ABOUT DOMINION CORPORATION
Dominion Corporation was established in 1977 by commercial real estate financing veteran Paul Horvitz and is a “nationwide” provider of real estate loans starting at $1,000,000 and ranging up to over $30,000,000. In addition to offering financing for high-end residential, single tenant, owner-occupied and most other property types, Dominion has established a reputation for being able to finance properties that other lenders shy away from, such as healthcare facilities and other unique transactions. The company offers competitive rates on most commercial real estate types, including office, industrial, hospitality, multifamily and special-purpose properties. This includes healthcare real estate loans on medical office, clinics, hospitals and most long-term care facilities, such as independent living, assisted living and skilled nursing facilities.
For more information, go to http://www.dominfin.com. If you have additional questions or would like to schedule an interview, please contact:
11355 West Olympic Blvd., Suite 210
Los Angeles, CA 90064
Phone: (310) 477-3041, ext. 134
Press Release- Los Angeles, CA
May 7th, 2014
Dominion Mortgage Corporation, the residential lending division of Dominion Corporation, significantly ramps up their residential portfolio lending in the Golden State by announcing today that they are now offering jumbo residential loans up to $10,000,000. Dominion has long been considered one of the pioneers of “estate property” financing in California, lending to movie stars, doctors, recording artists, athletes, and other high net worth homeowners since 1976.
What’s new about this program, says Paul Horvitz the President of Dominion, is that we have relaxed the guidelines to serve the public at large”. Mr. Horvitz further states, “You don’t have to be famous to be treated like a celebrity!”
Valerie Pang, Vice President in charge of Underwriting, says “we are now able to creatively structure loans for those high net worth individuals who have been unable to qualify for conventional jumbo loans because of their complex financial situations. For example, we can limit a borrower’s capital gain exposure by having them pledge their investment accounts as a down payment rather than liquidating them. Also, we have common sense underwriting and we would consider a borrower who has had a one time credit blip if there is a reasonable explanation. Most conventional jumbo lenders do not allow title to be taken in a corporation, partnership, or LLC, we do.”
Dominion is also well known for their nationwide programs for financing commercial and healthcare real estate properties starting at $1,000,000 and up. They are headquartered in Los Angeles, California.
Short term bond rates and long term mortgage rates are heading up. “While the Democrats and Republicans are locked in a fool’s embrace, those who would benefit from interest rate hikes lick their fingers in anticipation,” so says Paul S. Horvitz, the President of Dominion Mortgage Corporation.
The U.S.’s largest bond holders would like nothing more than a big bump in Treasuries. If you think the debt ceiling is a problem now, just wait till the Chinese are getting 5% on our bonds.
Yes, we need to solve our long term fiscal problem and we need a budget. What we need the most is for our elected officials to get their heads out of the sewer of ideology and govern. Mortgage rates will follow the increase in bond rates. The consumer, the homeowner, and the economy at large will suffer, and, yes, Mr. President, the rich, those with cash, will be the biggest beneficiary of the “fool’s embrace.”
Yes, you probably have not heard of very many lenders offering tenant improvement loans that are secured by a trust deed or UCC filing on the real estate equity. These “T.I.” loans are made to allow a project owner the opportunity to finance the expenses needed to build out a retail, industrial, or office space for a prospective tenant.
These can be very specialized as in medical facilities and the need for elaborate MRI, CT, and nuclear applications.
It can be a simple but sometimes a very expensive cost to re-fit an office building for a new tenant. This can be characterized as a “clean up remodel or massive rebuild.”
“Dominion Mortgage understands the need to make money available to landlords for tenant improvements and build outs to be competitive in new leasing” says Paul S. Horvitz, Dominion’s CEO.
Dominion has carved out a nice niche in a market that has embraced this need. Once again, this T.I. product is an ongoing partnership between Dominion’s borrower’s needs and Dominion’s penchant for positive results.
When does a full service mortgage company offer too many loan products? Is it better to specialize on one aspect of lending?
Let’s take Dominion as a case study.
Dominion offers healthcare real estate loans and we call ourselves “your prescription to healthcare real estate financing”.
How can Dominion be successful in offering all these loan products?
Paul S. Horvitz, Dominion’s CEO, says “Our loan process is a partnership between the borrower’s needs and Dominion’s penchant for positive results. Dominion’s concise loan delivery is often imitated by never duplicated”.
Paul S. Horvitz also says, “With every loan application there is a person who needs to be considered”.
Dominion has navigated the seas of change in the mortgage industry since 1976. We do it because we can make a difference.
Dominion made a credit facility available to a client for the purposes of making tenant improvements for a long-term Los Angeles County lease. “Tenant improvement loans are few and far between,” says Paul Horvitz, Dominion’s President.
Dominion L.A. also was the lender on a preferred equity transaction on a large mult-family project in suburban Los Angeles. “We like deals with moving parts that require Dominion to utilize its experience, as well as money,” said Keith Olson, Dominion’s Executive Vice President.
Dominion’s lending program could apply anywhere in the country. “What we did in L.A. County is like my running. As long as I have my feet firmly on the ground, we can run anywhere.”