Relisted at higher rate -- Flawless credit!
| Listing Information | |||
|---|---|---|---|
| Amount: | $22,000.00 | Status: | Loan created |
| Grade: | D | DTI: | 10,000% |
| Lender Rate: | 20% | Borrower: | TXRLESTATEGUY |
| Finished | State: | TX | |
| Funded: | 100% | Group: | DFW Loans |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | 4+ months late | Origination Date: | 2007-04-17 | EricsCC ROI: | -25% |
| Status History | |
|---|---|
| Apr 14, 2007 | Current |
| Sep 07, 2007 | Late |
| Sep 18, 2007 | 1 month late |
| Oct 18, 2007 | 2 months late |
| Nov 23, 2007 | 3 months late |
| Dec 19, 2007 | 4+ months late |
|
My Background I am a Real Estate Professional in Lubbock, Texas. I purchase and manage properties in the neighborhoods surrounding Texas Tech University and then lease the properties to students. My career during my junior year of college and it has continued growing to the present day. I have now graduated with a degree in Finance and have built up a nice sized and profitable portfolio. Furthermore, I also passively own a 50% equity stake in a profitable lawn-care company. Business really booms during the warm spring and summer months when we manage 20+ yards on a weekly basis. Credit History My credit history is completely flawless. I do not have nor have I ever had any deliquincies. I have had no bankruptcies, and I?ve never missed a payment. I realize I have a large number of inquiries but that is due to the nature of my business. Whenever I need to even get pre-qualified to bid on a property my credit is pulled, not to mention when I actually buy a property, take out a mortgage, refinance a mortgage, or take out a construction loan. Your only risk is that I pay the loan back early! Monthly Income and Expenses I now own and manage through my real estate company, Little and Associates LLC, 5 properties: 4 single family residences and an 11 unit apartment building. Here is a break down of my monthly income and expenses: Business expenses: $8050 (Mortgage, taxes, and upkeep on five properties) Personal expenses: $1000 (Food, utilities, gas, phone, internet, insurance, misc) Total expenses: $9050 Income: $11,450 (Rent payments from houses, apartments, and lawncare income) Net monthly income: $2,400 Purpose of loan My eleven unit apartment, While profitable, it is currently renting below the market rates of nearby apartment complexes. Therefore, I plan on renovating it to justify raising rents up to market rates and making it much more profitable in the long term. I have used traditional financing to acquire a loan for the construction, but I need additional funds to cover the carrying costs of the apartment during the construction because I will not be gaining any income from the apartment at that time. The renovation period is 90 days. After renovation the apartment will bring in $7950 a month and expenses will be $5718. The new net income will be $2232. This will raise my already high capitalization rate to 12.5% in an area with average cap. rates of 6 ? 8%. It will also increase my net income by $578/month for that property. These are conservative estimates because I?m assuming a 10% vacancy rate, it is likely that my profits will be higher. Most of the current tenants have agreed to return at the higher rent rates, because they will be back home during the summer when school?s out and that's when I?m performing the renovations. Filling the few others will not be a problem in this growing college town with a student body of 40,000. In summary: about $18,000 in expenses will be paid using this loan. I will keep the remaining $4,000 of the loan in my checking account tied to Prosper. These funds will be earmarked expressly for my Prosper lender payments during the 3 month construction period. I will have no problems meeting my obligations to you during or after renovations. Thanks for your consid |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 112653 | My business is growing! Flawless credit | D | $22,000 @ 24% | Mar 18, 2007 | Expired |
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