Loan to expand business
| Listing Information | |||
|---|---|---|---|
| Amount: | $5,000.00 | Status: | Loan created |
| Grade: | C | DTI: | 7% |
| Lender Rate: | 19% | Borrower: | bvzzz |
| Finished | State: | IN | |
| Funded: | 100% | Group: | FUTURE FINANCIAL FREEDOM 1 |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | 2 months late | Origination Date: | 2007-11-14 | EricsCC ROI: | -40% |
| Status History | |
|---|---|
| Nov 14, 2007 | Current |
| Sep 30, 2008 | Late |
| Oct 15, 2008 | 1 month late |
| Nov 15, 2008 | 2 months late |
|
Purpose of loan: This loan will be used to expand my Real Estate company also known as Quality Real Estate Investment Group. We have been steadily growing for 3 years and additional funds are needed to make cosmetic improvements on two of my investment properties. I am in the process of transitioning these properties to "Rent to Own" and need the extra money to make cosmetic improvements in order to draw the right tenant buyers. These small cosmetic improvements will allow my company to charge a higher monthly rent than we are now and the homes will be more appealing to potential renters. My financial situation: I am a good candidate for this loan because of my ability to pay. I also have collateral (in the form of equity) in my investment properties. I work full-time as a Construction worker and own several investment properties that cash flow at 800/month. My wife is also employed full-time and contributes to the expenses. Monthly net income: $ 3600 (includes rental income) Monthly expenses: $ Housing: $764.00 Insurance: $ 200/per year Car expenses: $ 464.00 Utilities: $ 130.00 Phone, cable, internet: $ 110.00 Food, entertainment: $ 150 Clothing, household expenses $ 75.00 Credit cards and other loans: $ 60.00 Other expenses: $ |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 221385 | Loan to expand business | C | $5,000 @ 19% | Oct 25, 2007 | Withdrawn |
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