{"id":1004102678,"date":"2014-08-22T07:14:55","date_gmt":"2014-08-22T15:14:55","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004102678"},"modified":"2022-12-04T03:36:52","modified_gmt":"2022-12-04T11:36:52","slug":"dominion-mortgage-introduces-new-m-f-lending-program","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/dominion-mortgage-introduces-new-m-f-lending-program\/","title":{"rendered":"Dominion Mortgage Introduces New M-F Lending Program"},"content":{"rendered":"

By Barbra Murray, Contributing Editor<\/em><\/p>\n

Dominion Mortgage Corp. has launched a new multifamily portfolio lending program that provides financing for a range of multi-family property types in major U.S. markets and, perhaps most importantly, allows borrowers to avoid the pesky red tape that goes hand in hand with the oft-used government-sponsored programs.<\/p>\n

\u201cMost commercial lenders routinely offer multifamily lending products, [and] Dominion sees that the majority of multifamily lenders in the marketplace tend to offer agency programs as their sole product,\u201d Paul S. Horvitz, president of Dominion, told Commercial Property Executive<\/i>.\u00a0 \u201cAgency loans are predominantly sold to Freddie Mac and Fannie Mae.\u00a0Dominion\u2019s true portfolio product opens up multifamily borrowing to property owners who, for whatever reason, did not want government-sponsored loan products.\u201d<\/p>\n

Dominion\u2019s new program provides borrowers with fixed-rate loans as large as $30 million that can be amortized up to 30 years with fixed terms extending out to as many as 10 years. The program also fills a gap, supplying bridge products for renovations, bridge-to-sale and other endeavors that many apartment lenders do not embrace.<\/p>\n

The nearly three-decade-old real estate lender adds further appeal to its new multifamily lending program by offering flexible underwriting and competitive rates, as well as by opening the platform to neglected segments of the borrowing population.\u00a0 \u201cDominion lends to corporations, partnerships, and foreign nationals; groups that were previously excluded from the process,\u201d Horvitz said.<\/p>\n

The program also allows for cash out to most borrowers, another uncommon feature. As Horvitz noted, \u201cMany borrowers have had a struggle when trying to get cash out and not just pay off the existing loan of record when refinancing.\u201d<\/p>\n

Dominion may be stepping on some toes with its new offering, but it is also creating new relationships. The company has already had more than a few referrals from bankers who don\u2019t deal in multifamily loans. It\u2019s no skin off the nose of these bankers, as Dominion has no requirement for a banking relationship, so there is no conflict of interest and the bank does not lose the borrower.<\/p>\n

Dominion is hoping that if you build it\u2014in this case, a niche lending program\u2014they will come. \u201cWe hope that the borrowing public will be as excited by Dominion\u2019s new multifamily lending programs as we are to offer them,\u201d Keith Olson, Dominion\u2019s executive vice president in charge of origination, noted in a prepared statement.<\/p>\n","protected":false},"excerpt":{"rendered":"

Dominion Mortgage Corp. has launched a new multi-family portfolio lending program with a wide variety of products. <\/p>\n","protected":false},"author":969,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21825,21783,21742],"tags":[],"class_list":["post-1004102678","post","type-post","status-publish","format-standard","hentry","category-finance","category-investment","category-latest"],"acf":[],"yoast_head":"\nDominion Mortgage Introduces New M-F Lending Program - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/dominion-mortgage-introduces-new-m-f-lending-program\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Dominion Mortgage Introduces New M-F Lending Program\" \/>\n<meta property=\"og:description\" content=\"Dominion Mortgage Corp. has launched a new multi-family portfolio lending program with a wide variety of products.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/dominion-mortgage-introduces-new-m-f-lending-program\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2014-08-22T15:14:55+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-04T11:36:52+00:00\" \/>\n<meta name=\"author\" content=\"Barbra Murray\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/dominion-mortgage-introduces-new-m-f-lending-program\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/dominion-mortgage-introduces-new-m-f-lending-program\\\/\"},\"author\":{\"name\":\"Barbra Murray\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/d1edda962dd3af55af8a203870f9fc32\"},\"headline\":\"Dominion Mortgage Introduces New M-F Lending Program\",\"datePublished\":\"2014-08-22T15:14:55+00:00\",\"dateModified\":\"2022-12-04T11:36:52+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/dominion-mortgage-introduces-new-m-f-lending-program\\\/\"},\"wordCount\":406,\"commentCount\":0,\"articleSection\":[\"Finance\",\"Investment\",\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/dominion-mortgage-introduces-new-m-f-lending-program\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/dominion-mortgage-introduces-new-m-f-lending-program\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/dominion-mortgage-introduces-new-m-f-lending-program\\\/\",\"name\":\"Dominion Mortgage Introduces New M-F Lending Program - 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