Finally finish home rehab so we can move in permanently
| Listing Information | |||
|---|---|---|---|
| Amount: | $14,000.00 | Status: | Loan created |
| Grade: | C | DTI: | 22% |
| Lender Rate: | 15% | Borrower: | quattro33 |
| Finished | State: | MD | |
| Funded: | 100% | Group: | 1 4 Auto Homes Trucking related borrowing & lending |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2007-04-02 | EricsCC ROI: | 11% |
| Status History | |
|---|---|
| Apr 02, 2007 | Current |
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In May 2005, I purchased a large home (4500 square feet plus) on almost 10 acres in northern Maryland. The house was owned by an estate and had been empty for about 3 years. It is located in Harford County and is about 25 miles north of Baltimore, near Route 95 and major commuting routes. The house has 4 bedrooms, 3.5 baths, 3 fireplaces, a hot tub/spa, in-ground pool, 3+/- fenced acres and an orchard. It is approved for horses and may be sub-dividable. Since that time, I have (mostly on my own, but with some assistance from contractors for the "heavy lifting") rehabbed 90% of the house. I've removed fake wood and nature scene paneling, replaced almost all of the shag carpeting with nice hardwoods and slate/ceramic, updated the pool area and equipment, installed a new fence around ~3 acres, purchased new high end appliances and remodeled 3 of the 4 bathrooms. These improvements have cost ~$67K to date. Although I have lived there most of the time since I purchased the home, I have always had another primary residence in the city of Baltimore. I would like to finish the house by updating the remaining bathroom (the master bath), installing new countertops in the kitchen , painting the exterior of the house and doing some additional landscaping. While I have the cash available to purchase the supplies for these jobs, I would like to borrow about $14,000 to pay contractors to complete these jobs. While I greatly enjoy doing home improvement projects myself, I travel extensively for my primary job (principal/employee-owner of an IT strategy consulting firm) and also have a growing part-time real estate business (including four rental properties). Upon finishing this house, we plan to move into it full-time and sell our current primary residence. My significant other is almost finished with law school, so we no longer need to live in the city. I have a good amount of equity spread among my home and my four rentals (estimated at $400K +/-) but have almost fully utilized the equity lines on each property in rehabbing this home and purchasing the rentals. The revolving/bankcard utilization rates in the listing are somewhat misleading, as they include utilization on the equity lines for each property. I have included some pre-rehab pictures of the house. Hopefully you can see its potential from these pictures. Please email me if you have any questions and/or of you'd like any additional information. Thank you for your assistance. |
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