Velocity Mortgage Capital a nationwide, direct portfolio lender which works with brokers to provide mortgage programs for residential 1-4 investment properties, as well as multi-family, mixed-use and other small commercial properties launched WIRE ( Women in Real Estate ) with the goal of encouraging more women to invest in real estate. Since the launch Velocity has seen a 40% increase in submissions for residential investment and small commercial property mortgage loans from female investors.
Chris Farrar CEO of Velocity Mortgage Capital says that “ The WIRE program has clearly struck a chord with brokers and female investors, the volume of loans received from brokers under the WIRE initiative confirms that women are interested in funding programs through lenders who understand their specific needs” WIRE initiative offers special initiatives for female investors and women-owned businesses including free appraisal, discounts on underwriting fees, and a credit on closing costs on their first loan with Velocity, this can reduce closing costs by as much as $5,000. Honestly, this is a STEAL, and if you’re in the real estate game, you understand how essential these offers are. I mean take the success of this program into consideration it’s working.
The brokers recognize the value that the WIRE program has to meet the needs of an under deserved and unrepresented market. It broadens the new for available loans and helps more women get involved in the industry. Brokers also realize the benefits of the WIRE program as a way to acquire new clients.
The programs positive feedback will continue to grow tremendously in the years to come just as the real estate industry continues to grow, change and evolve. WIRE is a clear example of when women get the same opportunities and are represented with different avenues of success and jobs we excel!