Steve Townsend
Fairfax, VA (USA)
Role(s):
Dominion Equity
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Startup
Location:
Fairfax
Industry:
Real Estate
Year Founded:
2006
Number Employees:
INVALID
Description:
Dominion Equity works with borrowers facing foreclosure or who have poor credit and cannot receive funding using traditional lenders. We are not a lender and our goal is not to buy homes from distressed owners.
Our business plan allows us to legally secure properties, leaving existing financing in place so we can legally control the properties without being on any of the financing. In return for our funding, the homeowner pays us their monthly mortgage payment (so we can ensure payments are made on time) plus the additional payment (interest only on the amount of funds provided) which goes to the investor.
Homeowners are on this plan for up to 2 years at which point they can refinance under normal credit terms (we have been making the ontime payments for them) and repay our fundin