Funding for Renovation of Apartments
| Listing Information | |||
|---|---|---|---|
| Amount: | $17,200.00 | Status: | Loan created |
| Grade: | A | DTI: | 21% |
| Lender Rate: | 12% | Borrower: | RNRealtor |
| Finished | State: | FL | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2007-11-06 | EricsCC ROI: | 10% |
| Status History | |
|---|---|
| Nov 06, 2007 | Current |
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Purpose of loan: The funds from this loan will be used for renovations and upgrades on an apartment building that I just recently purchased. My financial situation: I have a good, consistent income, a low DTI, and have never been late on any payments. Monthly net income: $ 6000 Monthly expenses: $ 3050 Housing: $ Insurance: $ 400 Car expenses: $ 625 Utilities: $ 300 Phone, cable, internet: $ 175 Food, entertainment: $ 700 Clothing, household expenses $ 200 Credit cards and other loans: $ 550 Other expenses: $ 100 This loan will be used to make repairs and upgrades on two apartment buildings that I recently purchased. The recent appraisal was $360,000 and when upgrades are finished and a few more of the rental units are rented out then the new appraisal value will be closer to $450,000 based on the income producing method of appraising. I bought this property for $280,000 a few months ago and have been working on it ever since. There is already a lot of equity and once the renovations are completed in a few months, I will refinance next year and take the extra cash to pay off the Prosper loan and put some more money into new real estate investments. The current income from these apartments takes care of the mortgage payments, taxes and insurance and will easily take care of the Prosper loan payment as well. Either by myself or with partners I own 44 rental units and am wanting to grow slow but sure. I only buy properties that can produce enough income to pay for themselves completely. ***Concerning my 6 inquiries in the last 6 months, these were for real estate loans that I took out in my personal name for the sake of building real estate holdings. Thanks for reviewing my listing! P.S. I tried to post pics of this property, but the site would not let me. But if you would like to see pics to set your mind at ease about bidding, email me and I can send them to you. thanks! |
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