Relist: Finance my business
| Listing Information | |||
|---|---|---|---|
| Amount: | $10,000.00 | Status: | Loan created |
| Grade: | B | DTI: | 13% |
| Lender Rate: | 13% | Borrower: | bent |
| Finished | State: | UT | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2007-08-09 | EricsCC ROI: | 9% |
| Status History | |
|---|---|
| Aug 10, 2007 | Current |
|
Purpose of loan: I own a real estate investing company. I buy, fix-up and sell real estate. I have been doing this on the side for about 5 years. I also have a couple of rental properties that all have a positive cash flow. None of my business earnings are reported in my income above, that all comes from my 9-5. I want to use this money to help me pick up more rentals, since I have to put down 20% of each purchase, this loan will help me to pick up one that I want to buy, and prepare it to be rented. Then, I refinance after a few months and pull that money back out to get another one. However, I don't want to get a second, because they are killing my credit. Visit my website at http://www.affordable-houses.net/. My financial situation: I have done this a few dozen times, I am just looking for ways to do it better, that don't hurt my credit as much so that I stay a good borrower. My debt to income ratio is so high because they include some of my rentals in payments, but not my rental income. Some of this will also be used to pay down some of my personal home equity line of credit so that my payments come down as well as my revolving credit. Monthly net income: $2400 Monthly expenses: $ Housing: $ 800 Insurance: $ 100 Car expenses: $100 Utilities: $ 50 Phone, cable, internet: $ 80 Food, entertainment: $ 100 Clothing, household expenses $ 50 Credit cards and other loans: $ 100 Other expenses: $ This does not include my rental income, and still leaves me with about $1100 to make this payment of $371. This is after taxes. |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 177853 | Finance my business | B | $25,000 @ 21% | Jul 28, 2007 | Withdrawn |
| 177857 | Finance my business | B | $25,000 @ 25% | Jul 28, 2007 | Withdrawn |
|
Discussion For This Listing
|
||
|---|---|---|
|
No Comments Found For This Listing
|