Seeking Capital for Small Business Expansion
| Listing Information | |||
|---|---|---|---|
| Amount: | $15,000.00 | Status: | Loan created |
| Grade: | B | DTI: | 12% |
| Lender Rate: | 13% | Borrower: | Willi416 |
| Finished | State: | MI | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2007-12-06 | EricsCC ROI: | 10% |
| Status History | |
|---|---|
| Dec 06, 2007 | Current |
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Purpose of loan: This loan will allow my real estate investment company, Combined Minds Investments; LLC, to continue aggressive purchasing of high quality value priced real estate in southeastern MI. The heightened levels of foreclosure and property value declines has diminshed home prices, increased the difficulty of obtaining mortgage financing, turned homeowners into renters, and turned banks into home liquidators. My company is positioned with market knowledge, vendor/supplier resources and a strong track record of turning bank owned properties into positive tax contributors in needy urban centers. The $15K loan will finance 2 new investment property purchase and rehab efforts. Each property will generate $700-800 in rental income 60-90 days after the purchase agreement closes. Up until the time of the positive rental activity, my company will honor all payments to our prosper financiers. Thereafter, the rents will fully fund the loan repayment. My financial situation: I am secure in my employment which provides $4300.00 per month (after taxes). My personal income more than covers my families household and extracurricular expenses. I have invested over $25,000 of personal funds into my real estate investment company and would like to avoid diving into any additional personal loans at this time. My wife recently gave birth to a beautiful little boy and we are directing all "extra" money to savings for the little one. My credit is decent. My score is depressed somewhat due to mortgage financing held on 2 investment properties. The expense of these properties (mortgage, insurance, taxes, maintenance and admin) are covered by the monthly mortgage payments. The both properties have rented consistently (one for 7 years and the other for 1 year). My wife owns her car and I drive a company vehicle. I also have approx. $62K in a 401K and $1,100 in individual stocks. Monthly net income: $ 4300.00 (monthly salary not including rental income paid to Combined Minds Investments; LLC) Monthly expenses: $ Housing: $1450.00 Insurance: $119.00 Car expenses: $96.00 Utilities: $280.00 Phone, cable, internet: $100.00 Food, entertainment: $ 300.00 Clothing, household expenses $200.00 Credit cards and other loans: $500 Other expenses: Student Loans:$400 Timeshare $240.00 |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 238534 | Seeking Capital for Small Business Expansion | B | $15,000 @ 17% | Nov 27, 2007 | Withdrawn |
| 404363 | Seeking Capital for Small Business Expansion | C | $12,000 @ 20% | Sep 25, 2008 | Withdrawn |
| 405144 | Seeking Capital for Small Business Expansion | C | $8,000 @ 35% | Sep 27, 2008 | Withdrawn |
| 408683 | Seeking Capital for Small Business Expansion | C | $8,000 @ 34% | Oct 05, 2008 | Loan created |
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