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


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