Excellent Rehab Deal!! (DTI is wrong)
| Listing Information | |||
|---|---|---|---|
| Amount: | $25,000.00 | Status: | Loan created |
| Grade: | B | DTI: | 72% |
| Lender Rate: | 15% | Borrower: | abcdefgz |
| Finished | State: | UT | |
| Funded: | 100% | Group: | BORROWERS - Free instant Listings - LARGEST GROUP |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Default | Origination Date: | 2007-04-16 | EricsCC ROI: | -49% |
| Status History | |
|---|---|
| Apr 13, 2007 | Current |
| Jan 01, 2008 | Late |
| Jan 17, 2008 | 1 month late |
| Feb 17, 2008 | 2 months late |
| Mar 17, 2008 | 3 months late |
| Apr 17, 2008 | 4+ months late |
| Jul 09, 2008 | Default |
|
Hello my name is Tiffanie and I am a Real Estate Investor. My husband and I work together in our business. He owns a mortgage company and we both own our Investment company. The DTI is wrong because our investing income cannot be proven through tax returns (which prosper requires) but it can be proven through bank statements. I made over $110,000.00 last year on my investments (not inluding what I recived from w-2 pay). We are experienced Rehabers. We have purchased many properties and we have never lost money on a deal!!! We have quite a few deals going on right now and so we need a little extra capital to get this particular deal done. This will be a very good loan as we will repay it within 6 months. We ALWAYS repay our debts ON TIME! This particular property was purchased for $277,000.00 and is worth 345,000.00 - 370,000.00. It is a 2900 Square foot 5 bedroom 4 bathroom home in a very desireable area of Salt Lake City. It is in need of minor Cosmetic repairs (i.e. updating!!). Our budget on the project is $12,000.00. This will give us new lighting fixtures throughout, New flooring in the kitchen, A completly remodeled master bath and updating of the 3 remaining baths. The projected use for this prosper loan is as follows: $12,000.00 for scheduled repairs $4,000.00 Contingency Fund (Working Capital in case of unpercieved problems, budget oversights, etc.) $9,000.00 for for 5 months holding costs. (our flips go under contract within the first two weeks on the market on average due to open houses and heavy marketing.)Closing costs to sell and Realtor fees will come out of the sale proceeeds. All closing costs and down payment to purchase this property are already paid for.I can email you pics of this project as well as others we have completed in the past. feel free to contact me with any questions. Your help is greatly appreciated!! Thank you! Porjected profit on deal after paying all cost including the prosper loan=32k on the low end. P.S. Prosper does not allow your bank account to be verified until 5% or more of your loan has been funded so as soon as I hit 5% I will be sure to get the account verified. Thanks!! |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 115896 | Excellent Rehab Deal!!! | B | $25,000 @ 23% | Mar 26, 2007 | Withdrawn |
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