Rehabbing investment property need money for materials
| Listing Information | |||
|---|---|---|---|
| Amount: | $5,000.00 | Status: | Loan created |
| Grade: | B | DTI: | 21% |
| Lender Rate: | 12% | Borrower: | jpdesign |
| Finished | State: | MI | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2007-08-22 | EricsCC ROI: | 9% |
| Status History | |
|---|---|
| Aug 28, 2007 | Current |
|
Purpose of loan: I have recently purchased a Investment property. This was a foreclosed home and I am in the process of fixing it up to put it back on the market and sell it for a profit. I have some of the materials needed for this project, but there are some additional things that we need in order to get this completed and back on the market by end of September. My financial situation: I work full time at a Architect firm where I put to use my Associates degree in Architectural drafting. My wife works part time as a licensed Cosmetologist. We are doing well financially, we make sure we pay all our bills on time and we do very well sticking with out budget. Lenders can rest assured that we will pay back this loan on time and in full. The property that we are rehabbing we purchased for $44,000, according to the Market Analysis and the sales history on the house, it will be worth between $85,000 to $95,000 when it is completely fixed up, which should be around the end of September. A good sign that this house should move quickly once on the market is that I have already gotten numerous calls or people stopping in wanting to know when it will be done and what I will be asking. Most have taken our name and number and I have suggested to them that they go get pre-approved so when the house is complete we can come to a buy-sell agreement. Monthly net income: $ 3,800 Monthly expenses: $ Housing: $1,000 Car payment: $375 Car insurance: $250 Utilities: $50 Phone, cable, internet: $150 Food, entertainment: $300 Clothing, household expenses $200 Credit cards and other loans: $ 20 Other expenses: $180 |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 305598 | Loan for a Motorcycle | D | $1,900 @ 18% | Apr 07, 2008 | Expired |
|
Discussion For This Listing
|
||
|---|---|---|
|
No Comments Found For This Listing
|