Line of Credit Fees
| Listing Information | |||
|---|---|---|---|
| Amount: | $6,500.00 | Status: | Loan created |
| Grade: | AA | DTI: | 18% |
| Lender Rate: | 9% | Borrower: | BuffaloPaul |
| Finished | State: | NY | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2007-03-22 | EricsCC ROI: | 6% |
| Status History | |
|---|---|
| Mar 22, 2007 | Current |
|
I am a 54 year old chemical engineer that invests in properties in my spare time. I buy, rehab and re-sell the properties. I have a been approved for a $500K "revolver" loan from Community Preservation Corp. The loan requires $6500 in fees to be paid upfront ($0.5% points, $2500 legal and $1500 reserve). I would rather finance this rather than pay out of my cash reserves. My W-2 income last year was $120,000 My house payment is $1160/month I own 5 properties - One I live in One is paid for completely and for sale @ 23,900 One my ex-wife and I own together - she is also an engineer and pays her bills diligently. Also 40% of the revolver debt I have is hers but shows on my credit report. One house has been rehabbed and sold on a lease option for $135K. I owe $104k and have positve cash flow from it. The fifth house I am in the process of rehabbing. My monthly living expenses are less than$3000 I use the rest of my free cash to rehab the properties that I buy. When I am rehabbing a property I use a Lowes "project card" to finance the property which allows me 6 months of zero interest payments to rehab and sell the property. So my debt increases during this time period. My Networth Statement as of the end of the year is shown here My Networth I will be happy to answer any questions you have |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 93256 | Buy Brick Colonial in Foreclosure | AA | $20,000 @ 9% | Feb 04, 2007 | Withdrawn |
| 108690 | Property Investments | AA | $25,000 @ 11% | Mar 08, 2007 | Withdrawn |
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