Upgrades to Rental Property
| Listing Information | |||
|---|---|---|---|
| Amount: | $3,500.00 | Status: | Loan created |
| Grade: | B | DTI: | 5% |
| Lender Rate: | 9% | Borrower: | TPLLC |
| Finished | State: | GA | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Paid | Origination Date: | 2007-10-11 | EricsCC ROI: | 8% |
| Status History | |
|---|---|
| Oct 11, 2007 | Current |
| Oct 30, 2007 | Payoff in progress |
| Nov 01, 2007 | Paid |
|
Purpose of loan: I will be using this loan to upgrade the kitchen in a rental property that I have owned for three years. The improvements will allow me to charge higher rent when my current tenants move out next year. My financial situation: I work full time for a bank and have sufficent income and assets to pay chas for this expense, but would like to take out a business purpose loan to maintain seperate business and personal records for tax purposes. My rental income will support this payment on its own, but I have included additional information below to show that my primary income is more than sufficient to take over this debt if necessary. Monthly net income: $ 7,600 (1,100/month is rental income) Monthly expenses: $ Housing: $ 1018 Insurance: $ 185 Car expenses: $ 200 (Gas and maintenance; no car loan) Utilities: $ 200 Phone, cable, internet: $ 225 Food, entertainment: $ 575 Clothing, household expenses $ 150 Credit cards and other loans: $ Other expenses: $ |
|
Discussion For This Listing
|
||
|---|---|---|
|
No Comments Found For This Listing
|