How I Funded a Flip With Zero Dollars Out of Pocket

A couple of months in the past, I stumbled onto a property that appeared like the proper flip. It was a drained however strong three-bedroom residence in a neighborhood I knew nicely. Nothing scary structurally, simply beauty stuff: outdated tile, beat-up cupboards, popcorn ceilings.

The comps had been sturdy, the unfold appeared good, and my contractor was accessible to begin subsequent week. There was only one downside: I didn’t have the money.

Like many traders, most of my cash was tied up in one other undertaking. I might’ve known as a companion, however I didn’t wish to surrender half the revenue for a undertaking I’d be operating solo.

I thought of passing on the deal. However as a substitute, I made a name, and that modified every part: I known as Dominion Monetary.

A Totally different Form of Mortgage

I’d heard Dominion Monetary had a bridge mortgage product that really coated 100% of each the acquisition and the rehab. I assumed it was a type of “technically true” conditions the place you find yourself needing 10% to twenty% down anyway.

Nevertheless, they reviewed the numbers, requested the scope of labor, and inside 48 hours, I had acquired full approval. No appraisal. No countless paperwork. No private gymnastics to tug fairness out of one other deal. A mortgage that did what it mentioned it might: funded your entire undertaking from begin to end.

Right here’s what made it work:

• Dominion Monetary didn’t base the mortgage solely on my W-2 or tax returns.
• They targeted on the deal itself: the ARV, the renovation price range, and whether or not the numbers made sense.
• The mortgage coated 100% of the acquisition value and 100% of the rehab prices, with attracts accessible in 24 to 48 hours.
• They closed quicker than most laborious cash lenders I’ve labored with, and with out the loopy factors or charges.

I’ve used laborious cash earlier than, and this was a special expertise.

Dominion operated like a monetary companion, not a gatekeeper. Their underwriters weren’t searching for a motive to say “no.” They had been attempting to say “sure” with out compromising on danger. And that made the method really feel collaborative as a substitute of adversarial, which, when you’ve ever handled the improper lender, you recognize is a breath of recent air.

As soon as we closed, I acquired transferring quick. Demo began the following day. Their draw system was clean, and I by no means needed to decelerate the undertaking because of funding delays. They funded my first draw earlier than my outdated laborious cash lender would’ve even accomplished the appraisal course of.

What Made the Distinction

This wasn’t nearly comfort. It was about management. Not having to tug from my personal money reserves meant I might make higher choices all through the renovation.

I didn’t have to decide on between spending extra on higher finishes or holding money again “simply in case.” I might deal with getting the undertaking executed proper, which translated into a greater product, a faster sale, and the next revenue.

In case you’re an investor attempting to scale with out always robbing Peter to pay Paul, right here’s why this type of mortgage issues:

• It enables you to transfer rapidly on nice offers with out worrying about whether or not your money is liquid.
• It helps you keep away from splitting earnings simply since you’re brief on capital.
• It creates consistency. No extra feast-or-famine investing cycles tied to your final sale or refinance.

This program isn’t for everybody. You continue to have to exhibit expertise, have a viable exit technique, and be lifelike about your renovation scope. However when you’re a critical investor with good offers coming your approach, the 100% LTC bridge mortgage from Dominion is a device that may take you from caught to scaling, with out giving freely fairness or draining your financial savings.

Last Ideas

Quite a few lenders declare to supply investor-friendly merchandise. Dominion backs it up. This bridge mortgage gave me the flexibility to shut a worthwhile take care of zero out-of-pocket bills, preserve my money free for different alternatives, and ship a greater product as a result of I wasn’t chopping corners to save lots of pennies.

In case you’re bored with lacking out on good offers due to restricted capital, or when you’re simply able to scale with out at all times bringing in companions, this could possibly be the next step. Actual property investing is difficult sufficient; your financing shouldn’t make it more durable.

Discover Dominion’s Bridge Mortgage right here and see if it suits your subsequent undertaking. You may be one dialog away from lastly leveling up.