Dwell Financing

[Mark OGara]

Does anyone have any experience with Dwell Financing?  VC backed lender and from what I understand their rates are a bit higher than commercial banks and the expenses seem higher.  That said, they do asset-based financing which seems like a good alternative.

[Darryl Dahlen]

Originally posted by @Mark OGara:

@Darryl Dahlen  Thanks for the note Darrly.  Do you have any thoughts on the origination expenses of Dwell?  

Here are the proposed expenses for the one-off loan program. It's not up and running yet, but should be inside of a month.

This will be a 30 year fixed  program with a 3 year PPP (3,2,1). I was told rates will be in the 6.5-8% range.

90 day seasoning for cash out and LTVs up to 75%.

• 1% lender origination for loans above $150,000
• $1500 for loans under $150,000
• $750 processing
• $750 to close in an LLC
• $500 to use own title company
• $488 for credit, docs, and appraisal (this is the only fee paid upfront)

Some good news is that you won't have to pay extra if you want to use a broker who has a good relationship with a team over there since they take care of us at no extra cost to you.