Mortgage Vintage, Inc. (MVI) is a direct hard money lender that originates and funds business purpose loans for real estate investors and business owners. Many of our loans are of the Fix & Flip variety where an investor purchases a property in relatively poor condition, and, with our funds in hand from our “80/80 Fix & Flip Loan”, the investor then fixes up the property to sell for a profit. Below are examples of successful Fix & Flip projects that we’ve partnered on with our borrowers.
- Address: 1812 Mary Ct., Placerville, CA
- Type: Single Family Residence
- Layout: 3 BR/2 BA
- Condition: Poor, Dilapidated
- Subject was a 3-year bank-owned property that nobody wanted to touch, or finance for that matter
- Our borrower was repeatedly turned down for conventional financing and very close to giving up on the deal
- The subject property had numerous code violations, was in very poor condition, and, needed to be gutted
- Structural issues included the foundation and an non-permitted garage and guest house
- The borrower contacted Sandy at Mortgage Vintage, Inc.
- MVI provided an 80% LTV 1st TD for the borrower to acquire the property plus an additional 80% of the rehab cost
- Borrower received plan approvals and building permits for the rehab project from the city and county
- With MVI funds secured, the borrower went to work on replacing the foundation, fixtures, sewer and plumbing
- Funding Based on Committed Terms
- The investor had the home converted to a 4BR/3BA with two Master Suites, smart move!
- Purchase Price: $139,000
- Rehab Cost: $129,000
- Loan Type: MVI “80/80 Fix & Flip Loan” – 80% of Purchase Price & 80% of Rehab Cost, all on one loan
- Sales Price: $399,000
- Net Profit: $131,000