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.

The Subject:

  • Address:  1812 Mary Ct., Placerville, CA
  • Type:  Single Family Residence
  • Layout:  3 BR/2 BA
  • Condition:  Poor, Dilapidated

The Scenario:

  • 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 Solution:

  • 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!

The Numbers:

  • 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