Buying Real Estate at Discount Prices
| Listing Information | |||
|---|---|---|---|
| Amount: | $25,000.00 | Status: | Loan created |
| Grade: | A | DTI: | 6% |
| Lender Rate: | 15% | Borrower: | SPCLending |
| Finished | State: | FL | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2007-12-04 | EricsCC ROI: | 12% |
| Status History | |
|---|---|
| Dec 02, 2007 | Current |
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Purpose of loan: I will be using this loan to purchase real estate at discount pricing in Orlando, Florida near Disney World. We are a local builder with a portfolio of land and homes being built currently in Orlando and are buying great lots at discounted prices. Although the real estate market has been hard hit, the properties that we buy are all heavily discounted. In fact, we are purchasing this particular lot for $74,000 and the current appraisal is for $110,000. This loan will provide the final $25,000 needed to complete the cash transaction. My financial situation: My financial situation is very stable as my credit proves. In fact, we have tax returns to prove the income we have stated on this listing. On another note, my credit profile shows some negative marks. These negative marks were incurred by me approximately 5 years ago and provided me a tough, but necessary experience. Since those negative remarks hit my credit, I have re-established myself as a dominant builder in Orlando, Florida. In fact, I have not only corrected my mistakes, but improved my credit rating. Monthly net income: $ 51,333 (proven by 2006 tax returns filed with IRS) Monthly expenses: $ Housing: $ 6,000 Insurance: $ 450 Car expenses: $ 700 Utilities: $ 600 Phone, cable, internet: $ 250 Food, entertainment: $ 275 Clothing, household expenses $ 100 Credit cards and other loans: $ 350 Other expenses (other real estate): $ 5000 |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 385399 | Buying Real Estate at Discount Prices | A | $4,500 @ 18% | Aug 19, 2008 | Withdrawn |
| 387287 | Re-invest in prosper | A | $4,500 @ 18% | Aug 23, 2008 | Withdrawn |
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