BRIDGE LOAN UNTIL THE CAPITAL FLOWS (ACTIVE PROSPER LENDER)
| Listing Information | |||
|---|---|---|---|
| Amount: | $2,500.00 | Status: | Loan created |
| Grade: | C | DTI: | 19% |
| Lender Rate: | 13% | Borrower: | 42bcd |
| Finished | State: | MI | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Paid | Origination Date: | 2007-08-07 | EricsCC ROI: | 12% |
| Status History | |
|---|---|
| Aug 06, 2007 | Current |
| Oct 03, 2007 | Payoff in progress |
| Oct 06, 2007 | Paid |
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Purpose of loan: Thank you for taking the time to review my loan request. My wife and I recently bought a second house. We had planned on waiting until August to move and rent out our other house but found a wonderful new home in a great neighborhood for a price that could not be passed on. To cut the story short it is tax season and after moving costs, renovation's needed to bring the house up to rental codes, purchasing insurance policies, etc we need a short bridge loan to cover taxes. At this time we are collecting rental applications and looking for the best qualified tenants and feel it will be occupied by September 1st. Taxes are due August 31st and if they are not payed i could be forced into having escrow accounts. I have an account that would cover all but $375, and could pull other resources together to cover it, but that would cause penalties and fees and leave me in a shortage of cash for emergency funds. The amount i'm requesting is for half my tax bill. I plan to pay this off within 6 months or less with revenue from the rental unit and cash left over at the end of the month (normal half is invested and half pays down cards and such.) Quick Resume: 2002-present: transfered to building maintenance worker-specializing in plumbing (get to take my journeyman's test in 2 months) 1999-2002: work as a printer/machine maintenance person for large municipal 1995-1999: Shipboard electrician US Navy In High school I worked with a landlord fixing units and other odd jobs Monthly net income: Wages: $2200 Once house is rented out: $750 Monthly expenses: * wife pays half $868*-2 mortgages $225-Gas/Insurance (I own my truck) $197*-Utilities/Phones/Internet $250*-Food and Supermarket bills $235-Credit Cards/loan $100-Entertainment $1875 Total Expenses $325 cash flow without rental $1075 cash flow with rental |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 277223 | PREPARING FOR MY NEXT MOVE (ACTIVE PROSPER LENDER) | C | $3,062 @ 14% | Feb 07, 2008 | Loan created |
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