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 business purpose cash-out loans to Rehab a property that a real estate investor already has in his/her portfolio.  We do these loans in both the 1st and 2nd position depending on the loan scenario.  Below is a recent successful Rehab project that may be of interest to you.

The Subject:

  • Address: Escondido, CA 92268
  • Type:  Single Family Residence
  • Original Layout:  3 BR/2 BA
  • After Rehab Layout:  4 BR/3 BA
  • Condition:  Poor, in need of remodel

The Scenario:

  • Subject was a SFR in poor condition on 1.2 acres – the home needed a full remodel
  • Borrower acquired the property from a family member
  • Borrower had already began the remodel but needed access to more funds to complete the project

The Solution:

  • The borrower contacted Mortgage Vintage, Inc.
  • MVI met with the borrower, reviewed the plans and gave the borrower different loan options
  • MVI provided a 55% LTV 1st TD based on the ARV value
  • The new loan paid off an existing 1st TD and put enough cash into Funds Control to complete the project
  • With MVI loan funds in hand, the borrower converted a 3 BR/2 BA into a 4 BR/3 BA and added over 600 SF of living area

The Numbers:

  • As Is Value:  $500,000 or $177/SF
  • Rehab Cost:  $60,000
  • After Repair Value:  $690,000 or $244/SF
  • Loan Type:  MVI Business Purpose Cash-out Rehab Loan