Ocean View Fix and Rent Success Story
- $700,000 2nd Trust Deed
- 62.50% CLTV on After Repair Value
- 9.50% Lender Rate
- 24-month – Business Purpose Loan
- MVI funds loan in 3 business days
The Subject:
- Address: 549 Seaward Road, Corona Del Mar, CA
- Type: Single Family Residence
- Layout: 3 BR/2 BA
- Condition: Fair but Dated
The Scenario:
- Lot not utilized in best way for view
- 3BR/2BA in 1,801 sq ft on a 6,498 sq ft lot
- This property was in a well established community
The Solution:
- MVI provided an 62.5% LTV 1st TD for the borrower to upgrade property to 4 BR, 4 BA home in 3,200 sq ft
- Fast close was provided in 3 days so demolition and construction could begin
- With MVI funds secured, the borrower went to work and transformed the property
- Fast Funding Based on Committed Terms with Funds Control in place
The Numbers:
- As is Appraised Value: $1.9M
- After Repair value; $3.2 M