Ocean front rental property - 78% CLTV
| Listing Information | |||
|---|---|---|---|
| Amount: | $15,000.00 | Status: | Loan created |
| Grade: | B | DTI: | 0% |
| Lender Rate: | 17% | Borrower: | FT_RE_investor |
| Finished | State: | MA | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2007-11-21 | EricsCC ROI: | 14% |
| Status History | |
|---|---|
| Nov 23, 2007 | Current |
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Purpose of loan: My partner and I bought a 2-family beach rental with an appraisal for $480,000 from the bank for $350,000. Our strategy was to make repairs and upgrades, then refinance our money back out, at 80% of the appraised vale, then move on to our next project. With the current meltdown in the mortgage industry, 75% was a MUCH easier loan to get. Now we are seeking an additional 3%. The house is located on Bluefish Cove in a community known as Brant Rock, in a town called Marshfield. The house is a 3 minute walk to the marina, and about 5 minutes to the center of Brant Rock, where there are restaurants, ice cream stands, and various small shops and stores. In the summer, it rents for $2,500 per week for the whole thing, or $1,300 per side. There are a lot more pictures of the house at www.RentToOwnCC.com/22_cove_street.htm My financial situation: This is not a hobby of mine. Not only am I a real estate investor by profession, I also teach investing to others through the investing club that I run. I understand the local market, and the intricacies of investing. We have the capital to make this work without the loan; however, the loan allows us to move on to other projects more quickly. Although we just bought the house, the rental agent we have hired has a 30 year history in our neighborhood renting beach houses, and has been the agent on this particular house for previous owners, and she is very confident in the summer income it will bring, which starts rolling in around January. We also have plenty of capital reserves to make the payments until then. Also, my credit is perfect. I have ZERO blemishes on it. The only reason, I have ?B? credit instead of ?AA? credit, is because I have a large number of mortgages and other real estate related debt in the form of credit cards. |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 219992 | Ocean front rental property - 80% CLTV | B | $24,000 @ 18% | Oct 23, 2007 | Expired |
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