What is velocity mortgage capital and what do they offer
Velocity Mortgage Capital is a company that specializes in commercial mortgage lending. They provide loans for both commercial and residential projects. All of the loans that they provide have a term of 180 days or less. The company specializes in real estate finance and is based out of Grand Rapids Michigan. They offer many different lending products including loan packages, construction loans, bridge loans and commercial refinancing. Velocity Mortgage Capital also offers some home equity loans to home owners in the state of Michigan. Velocity Mortgage Capital is a company that can provide you with the financing you need for your project whether it’s for a commercial or residential property.
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What Is Velocity Mortgage Capital?
The history of velocity mortgage capital
Velocity Mortgage Capital is a small loan company that specializes in commercial mortgage lending. They are based in Grand Rapids MI and were founded in 2009. The company was started by a woman named Rosemary Bartosik. She had previously worked at a small loan company called Hometown Mortgage, Inc., a company that she created herself. While she was there, she implemented a new way of lending that would lower the costs of mortgages and ultimately save people money. While the loan program was successful, Bartosik realized that there was a larger market out there for this type of lending method. She felt that if she could lower the costs for her clients, more people would benefit from her service. With this thought in mind, Rosemary Bartosik left her job to pursue her dream. She started the company and began offering loans to people in the Grand Rapids area. In 2009, she was able to successfully lower the costs of her loans by more than 28%. This meant that borrowers were able to save more money on their mortgages, and still be able to afford their homes. Bartosik was now convinced that she had a product that would make a difference in people’s lives.
How velocity mortgage capital works
So how does Velocity Mortgage Capital work? The company is privately held and has a collection of investors who help fund their lending ventures. Their clients will apply for a loan through the company’s website. They can then choose one of several different types of loans including jumbo loans, bridge loans, term loans, balloon loans and even construction financing. After the loan is approved, the company can then make a payment to the client’s preferred property manager that will keep their property accessible for receiving customers. If there happen to be any vacancies, Velocity Mortgage Capital will place ads for available properties in order to avoid any losses. Once the home is leased, Velocity Mortgage Capital will pay the property manager at least 60 days of rent from previous payments as well as all costs of maintaining and repairing the property. The clients are then left with a fully paid loan and no more expenses to worry about. As long as the client keeps renting the property, they will never have to worry about a mortgage payment or fees associated with owning their own home.
The company’s investors are real estate agents, brokers and landlords from all over the country. They can help Velocity Mortgage Capital offer lower rates for clients and even more perks with the program. For example, if a client has trouble paying the loan for some reason, Velocity Mortgage Capital will refund 1% of the loan value to pay off any late fees imposed by property managers or other lenders. All clients need to do is be a good tenant and keep paying rent. The company will then keep the property manager away and let the client know that they don’t have to pay any more because they’ve paid off their debt.
Advantages of using velocity mortgage capital
Many people see Velocity Mortgage Capital as a way to get a low interest loan with very little money down. This is true, but there are many other advantages that come along with using Velocity Mortgage Capital as well. One of the best things is that they are based out of Grand Rapids and can help them get into a property that is more local. Another great thing about using this company is that they offer financing for all kinds of different property types including residential, commercial, even apartment buildings and warehouses. They also offer a variety of different terms and lengths so that clients can get the perfect loan for their needs. Finally, Velocity Mortgage Capital also helps their clients by providing extra protection from losing money in a foreclosure. They offer this service by posting ads for the client’s property and then reporting monthly on the amount of time that the ad is up and still getting a response. After the time has passed, they will then put the ad to sleep and post another one for a new buyer. This way, both Velocity Mortgage Capital and their client can work together to get their property sold as fast as possible.
Velocity Mortgage Capital was created by Thomas Mack in 1996 to help people who were having trouble getting a property financed. The main reason that they use this type of loan is to help people who might not be able to take out a traditional loan due to credit issues, low income, or lack of equity. By using Velocity Mortgage Capital, the person can get a property financed and have money they don’t have to put down.
Disadvantages of using velocity mortgage capital
Even though Velocity Mortgage Capital offers many great benefits to the clients who use them, there are still some disadvantages that you should be aware of. One of the biggest problems is that they are not a full service loan company. They do not provide some of the services that other companies offer such as title insurance, escrow and appraisal services. This means that they will have to provide these services themselves or have the clients find someone else to do so for them. You should also be aware that it may take a while before they actually approve you as a client in order to verify your ability to pay the money. This can be slightly worrying, but they are very upfront with their customers and inform them of all of their fees and payment options up front. The interest rates are also a major disadvantage to using Velocity Mortgage Capital. They are much higher than you will find in the other loan companies. You can expect to pay between four and fifteen percent interest but they do offer payment options such as a thirty year amortization, which is the longest one that is available and would help to lower your total cost. The final disadvantage is that they do not provide any guarantee to their customers. They do not offer any kind of protection against foreclosure or bankruptcy, thus offering no safeguards against losing your home. Velocity Mortgage capital do have a good reputation and they are considered to be very trustworthy in the industry, but it is essential that you are aware of their shortcomings before getting a loan with them.