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 “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:  5868 Alta Vista Ave San Diego, CA
  • Type:  Single Family Residence
  • Layout:  4 BR/2.5 BA
  • Condition:  Poor, Dilapidated

The Scenario:

  • This San Diego property was inherited by a 15-year employee of the City of San Diego in poor condition
  • It had both a 1st and 2nd mortgage that were behind
  • There were past due property taxes.

The Solution:

  • The broker  contacted John at Mortgage Vintage, Inc.
  • MVI provided $310,000 for the borrower to rehab the property, pay off the 1st and 2nd mortgages and the delinquent property taxes
  • With MVI funds secured, the borrower went to work on replacing the foundation, fixtures, sewer and plumbing
  • Funding Based on Committed Terms
  • The property was sold one year later at a profit

The Numbers:

  • Appraisal Value:  $495,000
  • LTV on BPO 62.62%
  • 11% Lender Rate
  • 2-year Interest Only Loan
  • Rehab Cost:  $129,000
  • Loan Type:  MVI “Fix & Flip Loan” 
  • Sales Price:  $590,000

A dynamic local broker quickly saw past the condition and had a vision of what the home could become.  With his client’s best interest at heart, the broker helped the owner obtain a Hard Money Loan with Mortgage Vintage that paid off the existing 1st & 2nd as well as the past due taxes.  The new Mortgage Vintage loan also provided rehab funds and 6 months of prepaid interest which was of great benefit to the borrower.

We’re happy to say the renovation is complete and the home sold for a $130,000 profit over what they could have realized when they started.  The satisfaction of refurbishing this family home, getting cash flow relief for the debt upon inheritance, and, to sell the home and make a clear profit over renovation costs has been tremendous.