Refinance of a newly built multifamily investment property in Santa Ana, CA
- 9.50% Annualized Lender Rate
- Loan structured with Net LTV of 63.08%
- Fully leased property generating $13,700/month in rental income
- Experienced borrower with 772 FICO and repeat MVI loan history
- Refinance of stabilized new construction investment property in Orange County
This Santa Ana property started as a vision—a vision held by an experienced developer and real estate investor who saw the potential to transform a vacant parcel into a vibrant, income-producing multifamily residence. With a long track record as a successful Mortgage Vintage borrower and a 772 FICO score, he and his partner brought not only expertise, but also determination to bring this project to life.
The plan was ambitious but well thought out: build a two-story property featuring a main 5-bedroom, 4-bath single-family residence, along with an attached Junior ADU and a detached ADU. The design included thoughtful details—a three-car garage, solar panels, and ample parking—all situated on an 11,154 square foot lot in a centrally located neighborhood just south of the 22 Freeway.
The borrower secured permits and approvals, started construction, and funded the build with a Mortgage Vintage construction loan. As the structures took shape, so did the property’s value. Three distinct units emerged from the dirt: modern, functional, and ready for tenants. Once completed, the property attracted immediate interest and became fully occupied—generating an impressive $13,700 per month in rental income.
With construction completed and tenants in place, the next step was refinancing. Mortgage Vintage stepped in again, offering a $1,200,000 1st Trust Deed refinance loan with a 64.86% LTV. The loan included 6 months of guaranteed interest and 3 months prepaid interest, providing security to investors and stability for the borrower.
Now fully stabilized and income-generating, the borrower plans to exit through a DSCR refinance loan. The property—once an empty parcel—is now a high-performing asset in a strong rental market.
This story is a testament to what is possible when vision, experience, and the right lending partner come together. At Mortgage Vintage, we are proud to support projects that bring new housing to Southern California—and to help investors turn their ideas into reality.
An experienced Mortgage Vintage borrower successfully completed the construction of a three-unit multifamily property in Santa Ana, CA. Mortgage Vintage provided the original ground-up construction loan and a refinance loan to retire the original construction financing. Borrower, upon full rental stabilization plans to exit the Mortgage Vintage loan with a DSCR loan.
The Subject:
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Address: Santa Ana, CA
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Type: Multifamily – SFR with JADU and ADU
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Layout: 9 BR / 6 BA across 3 rental units
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Condition: New Construction, Fully Occupied
The Scenario:
An experienced Mortgage Vintage borrower and seasoned developer with a 772 FICO score had a vision to create a new multifamily property in a prime unincorporated area of Santa Ana, CA. With the original construction loan funded by Mortgage Vintage, the borrower built a two-story property with a 5-bedroom, 4-bath single-family residence, a Junior ADU, and a detached ADU, all situated on a large 11,154 square foot lot. Upon completion, the property quickly leased up, generating $13,700 per month in rental income from three tenants. As the original construction loan matured, the borrower needed a fast and reliable refinance solution to pay off the existing debt and position the property for long-term cash flow through a DSCR loan.
The Solution:
Mortgage Vintage provided a $1,200,000 1st Trust Deed refinance loan at 64.86% LTV based on an appraised value of $1,850,000. The loan included six months of guaranteed interest and three months of prepaid interest, offering security for investors and certainty for the borrower. With strong rental income, excellent location, and a clear path to a DSCR refinance, this transaction allowed the borrower to successfully transition from construction financing to a lower-cost bridge loan while preserving significant equity and securing a high-performing investment property.
The Numbers:
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Appraised Value: $1,850,000
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Loan Amount: $1,200,000
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Monthly Rental Income: $13,700 (including lock-off unit)
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Net Protective Equity: $683,000
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Annualized Investor Return: 9.50%
