Real Estate Business Bridge Loan
| Listing Information | |||
|---|---|---|---|
| Amount: | $10,000.00 | Status: | Loan created |
| Grade: | A | DTI: | 43% |
| Lender Rate: | 12% | Borrower: | Jaxman |
| Finished | State: | FL | |
| Funded: | 100% | Group: | FINANCE & INVESTMENTS |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2007-07-24 | EricsCC ROI: | 9% |
| Status History | |
|---|---|
| Jul 24, 2007 | Current |
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Purpose of loan: The loan will be used to cover mortgage carrying cost expenses during the sale of 2 of my 4 rental houses. The other 2 houses are leased with signed purchase options. I need this loan to help carry the current mortgages for the 2 vacant properties which are also offered for lease/purchase with 1 year term. Presently, have negative monthly cash flow that results from these 2 vacant homes. Both vacant homes are presently on market for sale. One has verbal offer that expect to bw confirmed this coming week which will reduce the negative cash flow considerably. My financial situation: I have a long history of repayment with no defaults, bankruptcies or bad marks. I have been at current job for many years with Federal Gov't. My wife is also employed with Federal Goverment for over 28 years. Total annual income is nearly $200,000 with over $180,000 equity in primary residence alone. I have a net equity of over $100,000 in the 4 other houses I own. This equity is based on the 2 signed option contracts and the current list price/market value of the other two. My other assets include home furnishing, paintings, jewelry, etc., insured for over $110,000. Also, have 401k for wife at $107,000 and mine at over $130,000. One car, 2000 Expedition is paid for along with a 17 foot boat. Challenge is current negative cash flow. Have used credit cards to cover mortgage payments, thus a high debt to income ratio. The sale of the 2 houses will correct this and provide funds to repay the advances. The other 2 homes will close during the coming year and provide additional funds to repay this and other debts. Monthly net income: $ 16.110 from $8,450 - my job, $4,160 my wife's job, $2500 rental income, $1000 travel Monthly expenses: $ 19,410 Housing: $ 6050 Insurance: $ 250 Car expenses: $960 Utilities: $ 200 Phone, cable, internet: $ 250 Food, entertainment: $ 800 Clothing, household expenses $ 400 Credit cards and other loans: $ 3100 Other expenses: $ 7400 Rental Mortgages |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 156738 | Real Estate Business Bridge Loan | A | $25,000 @ 16% | Jun 22, 2007 | Expired |
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