PROPERTY RENOVATION
| Listing Information | |||
|---|---|---|---|
| Amount: | $5,500.00 | Status: | Loan created |
| Grade: | B | DTI: | 20% |
| Lender Rate: | 13% | Borrower: | janeco |
| Finished | State: | CO | |
| Funded: | 100% | Group: | UtopiaLoans.com - Now Over $1 Million in Closed Loans!! |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Paid | Origination Date: | 2006-06-01 | EricsCC ROI: | 12% |
| Status History | |
|---|---|
| Jul 12, 2006 | Current |
| Apr 28, 2007 | Payoff in progress |
| May 03, 2007 | Paid |
|
I just purchased this cabin in the mountains of Colorado, one month ago at a foreclosure sale. I have added updated pictures on this listing, to show the progress I have made on it in the past few days since I first listed it here. I have started the exterior painting myself. Being able to do the painting myself is saving me $1,500.00! However, the interior is the place that needs the largest amount of work. I can not complete the interior by myself, as it includes plumbing, electrical and flooring. Those are the items that this loan will be paying for. I have it budgeted down to the penny! Upon completion of the renovation, the cabin will be worth at least $50,000.00 more than I paid for it! I spoke to an appraiser this week who told me it might even be worth as much as $70,000.00 more than what I paid for it. So, as you can see it is a great investment. Here is a little more information about my plans for this property: I plan to turn it into a vacation rental (sort of a mini Bed and Breakfast) rent it out on a weekly basis. This will bring an income of at least $500.00 a week. The cabin is situated in a resort community with swimming pool & hot tub, fishing (stocked trout pond, also river fishing /on the Platte river) and a restaurant on the premises. You can get an idea of what it all looks like with the overhead view of the resort that I have posted here. On the picture of the three cabins, mine is the one in the middle. This is more than a investment, on a personal note....I used to go to the resort it is situated on, when I was a child every summer with my parents. It holds a special meaning to me. It's a labor of love and I plan to keep it for a very long time! I am self-employed and own a mortgage loan processing service and brokerage. I have 21 years experience in mortgages and have owned my own company for the past 10 years. I will be glad to share pictures of the entire renovation, when I am able to get started. Hopefully, with the help of Prosper.com! Thank You for considering me for your investment. Jane |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 12703 | Property Renovation | B | $10,000 @ 12% | May 10, 2006 | Withdrawn |
| 12720 | Property Renovation | B | $10,000 @ 14% | May 10, 2006 | Expired |
| 14690 | Property Renovation | B | $10,000 @ 14% | May 20, 2006 | Withdrawn |
| 179578 | 2nd Prosper Loan | B | $20,000 @ 13% | Jul 31, 2007 | Cancelled |
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