Improving A Rental Property
| Listing Information | |||
|---|---|---|---|
| Amount: | $12,000.00 | Status: | Expired |
| Grade: | A | DTI: | 27% |
| Lender Rate: | 12% | Borrower: | Chadwick_Bay_Investments |
| Finished | State: | NY | |
| Funded: | 0% | Group: | (No Group) |
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Purpose of loan: This loan will be used to? Purpose of Loan: I will use the proceeds to pay off a $3250 loan that I am currently paying $380 a month on. The new Prosper Loan will have a payment of $390 a month or close depending on final interest rate. The balance of this Prosper Loan will go to remodeling a vacant apartment in one of my rental properties. It is a double unit with the upper unit remodeled 18 months ago. Upper unit is rented for $400 a month for last 16 months. The lower unit will be priced the same. I have gutted 96% of the empty unit to the bare walls. I have installed all new electric, insulation and 5/ 8 inch drywall also about 90% of the plumbing is new. Now I need to replace 2 windows, the front entrance door, finish and paint the drywall and put down new flooring. I also need to finish the bathroom of which all fixtures are already purchased and install a new hot water tank. That is where all the funds will go. I do own this home free and clear. The total rental income will be $800 a month for this home. As it stands now I am currently paying $380 a month for a loan. It will be paid off in 9 months or when this loan is approved by all of you. Then I also can finish the apartment. And when the apartment is completed I can rent it out for $400 a month. It is a win - win situation for you and I. You will make interest on the loan. I will continue to basically pay the same payment amount as I have had for the past 7 plus years, but I will get another apartment available to rent which will increase my net income and reinforcing the fact I can pay this loan. If you have any questions, please ask me. I most sincerely say Thank You, to each and every one of you who decide to fund this loan. And if not, thank you for considering my request. My Monthly net income: $ 4850 Recap; The changes to my situation and yours when this loan is fully funded are that you will receive your share of the principal and interest instead of me going to a local bank and to apply for a new loan. As for me I will still continue to pay out $380 a month for a loan as I have been doing for the last 7+ years to gentleman who is holding a Land Contract for me at $379.80 a month with the balance of $3250 as of Jan 1st 2008. This loan pays off that debt and also will create another rentable apartment that will increase my net income buy $400 a month. |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 270096 | Buying 5th Rental Property | A | $20,000 @ 14% | Jan 24, 2008 | Withdrawn |
| 272059 | Buying 5th Rental - relist --high debt to income-read why | A | $15,000 @ 14% | Jan 27, 2008 | Expired |
| 275421 | Single Family Home Purchase - Pays fot Itself | A | $6,500 @ 8% | May 26, 2008 | Loan created |
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