Down payment on an investment property
| Listing Information | |||
|---|---|---|---|
| Amount: | $12,000.00 | Status: | Loan created |
| Grade: | A | DTI: | 26% |
| Lender Rate: | 13% | Borrower: | polestarproperties |
| Finished | State: | WY | |
| Funded: | 100% | Group: | Investing with integrity! |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Paid | Origination Date: | 2007-08-14 | EricsCC ROI: | 13% |
| Status History | |
|---|---|
| Aug 11, 2007 | Current |
| Jul 09, 2008 | Paid |
|
Purpose of loan: (explain what you will be using this loan for) This loan will be used to make improvements on an investment property in Casper Wyoming. The property needs about $12,000 worth of work and will be valued between $125,000 to $130,000 after the work is done. The seller accepted my offer of $97,500 on the property. I already have a loan lined out to purchase the property. I have $10,000 available for the repairs, but I would like to keep that for reserves in case I run into anything unexpected during the rehab process. My financial situation: (explain why you are a good candidate for paying back this loan) This is not my first time on a rehab project. I purchased what was a church and turned it into a three bedroom one bath home which I currently reside in. I ended up with approximately $40,000 in equity in the home. I think my credit speaks for itself, as I always pay my bills and I pay them on time. The housing market in Casper is very strong due to the natural resource development that is going on in the area. I plan to rent the property out for at least a year and then possibly sell the property. The rate of appreciation in Casper has increased by about 2% per month. This loan could be secured in a 2nd position on the property if the lender so desired. Monthly net income: $ 4250 Monthly expenses: $ Housing: $ 840 Insurance: $ 140 Car expenses: $ 430 Utilities: $ 200 Phone, cable, internet: $ 100 Food, entertainment: $ 500 Clothing, household expenses $ Credit cards and other loans: $ 400 Other expenses: $ |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 168513 | Down payment on an investment property | A | $10,000 @ 12% | Jul 13, 2007 | Cancelled |
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