Solid Credit....Solid Investment
| Listing Information | |||
|---|---|---|---|
| Amount: | $25,000.00 | Status: | Loan created |
| Grade: | AA | DTI: | 0% |
| Lender Rate: | 20% | Borrower: | bishop09 |
| Finished | State: | MN | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2007-06-19 | EricsCC ROI: | 16% |
| Status History | |
|---|---|
| Jun 17, 2007 | Current |
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Purpose of loan: Loan will be used as a downpayment for funding a new construction project that I estimate to be completed by the end of the year. My financial situation: I have been investing in Real Estate for approximately 5 years now, a little over a year ago I started my own investment firm and property management company. In 2006 I took some time off to travel and spend time with my family. Therefore the DTI ratio are based off of last years Income Tax statements, which honestly are very minimal. Base on the Income this year my DTI ratio is in the 7-8% range. I've always maintained my credit and have been cautious on all my ventures. Here is the outline of the project; $100,000 construction loan w/ 10% down $100,000 land purchase via Contract for Deed (7 yr term) 10% Down (this parcel of land is being split into 2 lots, there is another party that has expressed interest in a home) The home is being built for a family member with a great job and even better credit. They were originally going to purchase an existing construction, but agreed to go with a New Construction. Market Value of similar homes in the area $250,000 (conservative value; in today's market it's always safer) $250,000 sale price - 90,000 construction loan - 12,500 seller paid closing cost - 10,000 realtor fees - 10,000 misc fees and expenses _____________________________ $127,500 projected net profit, but i will go ahead and estimate $100,000 I have a solid team backing me and have worked hard in assembling them. Monthly net income: $ 2984.00 Monthly expenses: $ 1200.00 Remaining funds to pay Prosper Loan $1784.00 (even if the deal does not go through, know that your loan will be paid) I'm starting the rate @ 20% I would rather pay the interest into the prosper community than a cash advance on a High interest credit card. I would love to be a member of the Prosper Lending Community within the near future. I welcome any questions or concerns you may have. Thank You for Viewing my listing. |
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