Richard Webster
Alamo, CA (USA)
Role(s):
C-Level Executive (CEO, CFO, etc.)
Community Financial Inc.
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Startup
Location:
Farmington Hills
Industry:
Real Estate
Year Founded:
2016
Number Employees:
1-10 people
Business Stage:
Growth (not profitable)
Entity Type:
"C" Corporation
Description:
Community Financial Inc. (hereinafter also referred to as CFI) exists to provide a path to responsible homeownership for financially qualified individuals and families who have been locked out of the banking world due to damaged credit and other qualifying issues. CFI works with newly formed and co-owned Rena-Fi Inc. to put educational systems and strategies in place to give our home buyers the maximum chance for financial success. CFI serves as a Bridge to FHA.
CFI aspires to facilitate responsible homeownership in the greater Detroit metro area. Creating our funding pipelines is the next step in attaining that goal. CFI is seeking to raise $10,000,000.00 through the sale of senior secured notes to fund approximately 78 home purchases in our market area over the course of 2017. CFI has the business infrastructure in place to make 78 transactions a conservative goal. (Refer to financial projections herein attached)
During the remainder of 2017, in the course of helping 78 families to own their own homes, CFI will create and retain approximately $11,000,000.00 in installment contracts secured predominantly by owner-occupied residential real estate with an average loan to value ratio under 75%. In addition to interest, the $1,500,000.00 in down payments that will be received by CFI will cover all operating costs and interest on our investor debt.