A new drive to get more women to participate in real estate investment has been launched at the National Association of Mortgage Brokers conference.
Velocity Mortgage Capital announced its initiative WIRE – Women In Real Estate – with help from Rehab Addict tv star Nicole Curtis. She explained why she wants to encourage other women to follow what she has done.
"I've made more money in real estate than I have from being a TV star," said Curtis.
But she says women are often dissuaded from investing in real estate fearing the risk.
I often hear things like 'my kids are still in school' and I tell them to start small – don't buy a Gucci purse, set money aside for real estate investing,” she added. “Real estate is a business and being in business involves risk. My advice to women – 'toughen up buttercup.' By this I mean, figure it out, find the right lender, make it happen!"
Women often a better bet for lenders
Velocity Mortgage Capital CEO Chris Farrar says that there is a problem in real estate financing with an estimated 35% of residential investment and small commercial property borrowers not qualifying for traditional bank mortgages.
"At Velocity, we believe every borrower deserves the opportunity to invest in real estate – especially women, who often have higher credit scores and lower default rates," said Farrar. "We're offering special incentives for female investors and women-owned businesses that include a free appraisal, discounts on underwriting fees, and a credit on closing costs on their first loan with Velocity."
Velocity is 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.
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