rehab project
| Listing Information | |||
|---|---|---|---|
| Amount: | $25,000.00 | Status: | Loan created |
| Grade: | AA | DTI: | 39% |
| Lender Rate: | 12% | Borrower: | Dough118 |
| Finished | State: | NE | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Paid | Origination Date: | 2007-09-27 | EricsCC ROI: | 12% |
| Status History | |
|---|---|
| Sep 27, 2007 | Current |
| Jan 25, 2008 | Payoff in progress |
| Jan 31, 2008 | Paid |
|
Purpose of loan: (explain what you will be using this loan for) I am rehabing a 1 br 1 bath 563 sqft home into a 4 br 2 bath 2078 sqft home. I paid cash for house so I own it free and clear and paid 4700 of the bid that is in the photo. The after repair appraisal is 95k.I have a rehab loan that covers the 58850 for the addition but is paid out in draws as work is completed. I can get up to 95% LTV after repairs are done. I am using the 25k loan as a cash flow and contingency loan. I will also pay down any revolving debt to 0 I have which is only about 3600. I will refinance what I used from it and the main rehab loan after the work is done. Even if I used all the 25k in the work and used the 58850 up that would still be less than 88% of the Appraisal after the work is done. My financial situation: (explain why you are a good candidate for paying back this loan) I have been married for 17 years and my wife and I are professionals in the Healthcare field. We have not made less than 107k in 3 years and made 112k last year. I am adding her into the monthly income and expenses because we don't really have anything seperate. I owe very little on cards or revolving debt but will pay all that to 0 with this loan also. Monthly net income: $ 6350 Monthly expenses: $ Housing: $ 2150 Insurance: $ 47 Car expenses: $ 328 Utilities: $ 96 Phone, cable, internet: $ 78.29 Food, entertainment: $ 356 Clothing, household expenses $ 140 Credit cards and other loans: $ 250 Other expenses: $ 0 |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 290820 | rehab project | A | $24,850 @ 15% | Mar 10, 2008 | Withdrawn |
| 292391 | rehab project | A | $9,950 @ 15% | Mar 12, 2008 | Expired |
| 295798 | rehab project | A | $9,950 @ 15% | Mar 19, 2008 | Expired |
| 313077 | rehab project | C | $14,950 @ 28% | Apr 17, 2008 | Withdrawn |
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