I have 64 Separate Mortgages--FLAWLESS pmt History.
| Listing Information | |||
|---|---|---|---|
| Amount: | $25,000.00 | Status: | Loan created |
| Grade: | C | DTI: | 15% |
| Lender Rate: | 20% | Borrower: | nkrentals |
| Finished | State: | OH | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | 4+ months late | Origination Date: | 2007-05-18 | EricsCC ROI: | -46% |
| Status History | |
|---|---|
| May 18, 2007 | Current |
| Apr 03, 2008 | Late |
| Apr 19, 2008 | 1 month late |
| May 24, 2008 | 2 months late |
| Jun 19, 2008 | 3 months late |
| Jul 19, 2008 | 4+ months late |
|
Purpose of loan: I have had hundreds of mortgage loans. I flip houses for a living, and bought and resold 46 of them in 2006, making about $350,000 NET INICOME in the process. My credit here is listed as a "C'" which is unfotunate, because the body of my credit is impeccable. I have acquired over $2 million in mortgages loans, and continue to borrow hundreds of thousands of dollars from local banks because I pay my bills. Obvioulsy, I pay my bills flawlessly in order to qualify for so much. My credit is only rated a "C' because credit scoring models are not designed to assess someone like me, who uses millions in debt and has constant credit inquiries. I certainly would not allow a default to occur on such a small loan as $25,000, because it would jeopardize the millions Iborrow elsewhere. I am only applying for that amount on here, because I am always looking for more non-mortgage capital with which to work, and quite frankly, I have some credit cards utilized that have 20-25% rates, so this wouldn't be any worse. My profit margins are so large, as indicated in the captions below the pictures of 4 houses that I am currently working on, that I can afford to pay a high interest rate for a small portion of my capital. I only pay 8% for first mortgage money, but my first mortgages are usually only for 80% of the property values--I have to come up with the 20% down, and since I buy nearly a house a week, I am always looking for unsecured capital. Again, "unsecured" doesn't mean that I have no incentive to pay it back. My business, my career, my livlihood and my impressive income ALL depend upon maintaining my excellent credit. My financial situation: I am an OUTSTANDING candidate for a $25,000 loan, because I have proven my creditworthiness over the last 14 years with a flawless payment record on over $5 million in loans. My track record makes this a no-brainer. In fact, I use an American Express card for my day-to-day business expenses, and it totals $30,000-$40,000 per MONTH in charges! If you are familiar with an AMEX card, you know that it has to be paid in full at the end of every 30-day cycle, which I do...flawlessly. Monthly net income: $ 29,000 Monthly expenses: $ 5,000 (approx.) Housing: $ Insurance: $ Car expenses: $ Utilities: $ Phone, cable, internet: $ Food, entertainment: $ Clothing, household expenses $ Credit cards and other loans: $ Other expenses: $ |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 134024 | Millionaire Investor Flips Real Estate--always needs Capital | C | $25,000 @ 13% | May 07, 2007 | Withdrawn |
|
Discussion For This Listing
|
||
|---|---|---|
|
No Comments Found For This Listing
|