Rehabilitating Solano County Communities
Investing in Main Street, Not Wall Street
Solano County Investors Group (SCIG) is comprised of real estate professionals who have joined forces to offer homeownership in our community through affordable housing. Many families in our community have secure jobs, a down payment saved up but cannot qualify for a conventional loan, due to many financial institution’s lending criteria. SCIG may offer solutions for many of these families.
In our Seller Financing program, families can enjoy that sense of pride that homeownership can bring into a community. Neighborhoods with a balanced level of homeowners will create opportunities for growth and revitalization for communities.
In our Rent-To-Own program, the tenant-buyer has aspirations to purchase the home and has a stronger commitment to the community. SCIG provides a direct path to support this goal. “Homeownership is a privilege and takes a commitment,” says LeAnn Viel.
Interested buyers or tenant-buyers must complete a Uniform Residential Loan Application (Form 1003) provide proof of income, tax returns, a job history showing stability, and a down payment. SCIG also provide a direct path for these families to connect them with the necessary tools to help them return to financial institution guidelines. These resources including working on a budget, debt consolidation, and credit repair services.
SCIG purchases multiple foreclosed and abandoned homes each month, renovates them and resells the homes to families who have a commitment to homeownership.
One of SCIG’s services is to be a go-between for those who want to be homeowners with financiers (private lenders) who want to have a direct impact by investing in their community. SCIG utilizes capital funds from private lenders to acquire properties, renovate and resell those properties to families. Private lenders are individuals from all walks of life. They do not lend money as a business, but have some form of capital with which they wish to invest.
A private lender will receive a pre-negotiated rate of return on their investment, usually at 7.5%, as well as a secured note on the property. The refurbished home will be their direct collateral. In partnering with the private sector, SCIG has created a program that is beneficial for the community. “Because of SCIG’s buying strategies we can offer homeownership to families for the same amount of money, or less than they would spend on a rental arrangement.” asserts Hegarty.
Hegarty continues, “We are working with regular people who are currently earning a 2% return on their investments (i.e. CD or mutual fund) and want to earn a higher return while having a direct impact on their local community. SCIG provides a secure return on their investment by giving them a first lien on a house, which is a tangible asset in their community. The private lender receives the benefit of a 7.5% return on their money while helping a family into homeownership.”
SCIG firmly believes in offering private lenders innovative and socially responsible investment opportunities, with clear and balanced information. SCIG continues to create and provide the best property and infrastructure for investment funds. A plan is created to maximize returns for private lenders within the residential property market while helping people own their own homes. SCIG is investing on Main Street, not Wall Street.