High ROI Investment Opportunity with My Employer
| Listing Information | |||
|---|---|---|---|
| Amount: | $25,000.00 | Status: | Loan created |
| Grade: | A | DTI: | 10,000% |
| Lender Rate: | 18% | Borrower: | SafeNet |
| Finished | State: | UT | |
| Funded: | 100% | Group: | www.P2P-Loans.com |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2007-04-30 | EricsCC ROI: | 14% |
| Status History | |
|---|---|
| Apr 28, 2007 | Current |
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Introduction to be built by my employer. I?ve personally come up with close to $30k between my savings & help from family. I need the money from this loan to backstop the construction loans on the 2 homes. The builder is building 239 homes for this project. We have chosen to use our credit to build 2 of them. The trouble is that I don't have enough in reserves in the bank to get 2 loans of that size. Currently, I have half of what I need and I'm asking you to finance the balance.The projections that we are giving our clients are:I am 23 yrs old & finishing my Bachelor's at BYU in Business Mgmt with an emphasis in Comm. Real Estate & Construction Mgmt. For the last 2 yrs I worked for an investment consulting firm & taught families how to plan their financial futures. I learned how powerful real estate is in creating wealth & have chosen to build my career in real estate.My current job is with a custom homebuilder in Saratoga Springs, UT where I work in the Construction Mgmt dept. I was recently hired to be the right hand man to the VP of Construction. I plan the placement of homes, perform the cost breakdowns, order appraisals, & manage everything else that the VP doesn't have time to do. My expected income this year is $120,000 (salary+bonus). My wife is as an accountant for NuSkin & makes about $40k a year. So our monthly income will range between $12k-13k.My DTI is high b/c I don?t think Prosper will accept my income verification. I won?t get my 1st paycheck until mid-May, so I put $1 for income. But, I have never missed a loan payment & I don't plan on starting now.Loan Purpose: This loan will be used to help finance 2 spec homes in Saratoga Springs, UT (http://www.saratoga-springs.net/) Time to Completion: 12 to 15 months. The builder is expecting to build each home in 6-9 months. Projected profits per home for the credit partner: $35-45K (on the low end)We believe the risk is low on this project. If the home is built and doesn't pre-sell, then we'll take the construction loan to long term financing and pull the profits out to pay the mortgage until it does sell. My projected ROI is between 117% and 150% (assumes no mkt apprec). Current monthly budget: Mortgage 1400 Insurance/Car 100/$250 Utilities 100 Phone, cable, internet 150 Food, ent 200 Clothing, household expenses 100 Credit cards & other loan payments 50< |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 126657 | Starting A New Venture! SHORT TERM BORROWING | A | $25,000 @ 25% | Apr 20, 2007 | Withdrawn |
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