Bridge Loan for Real Estate Investing
| Listing Information | |||
|---|---|---|---|
| Amount: | $15,000.00 | Status: | Loan created |
| Grade: | B | DTI: | 17% |
| Lender Rate: | 17% | Borrower: | sparkle68 |
| Finished | State: | CA | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | 2 months late | Origination Date: | 2008-01-09 | EricsCC ROI: | -44% |
| Status History | |
|---|---|
| Jan 08, 2008 | Current |
| May 24, 2008 | Late |
| Jun 05, 2008 | Current |
| Oct 24, 2008 | Late |
| Nov 10, 2008 | 1 month late |
| Dec 11, 2008 | 2 months late |
|
Purpose of loan: This loan will be used for a bridge loan to pay down personal credit so that I can apply for business line of credits to continue real estate investing. I have one credit card that needs to be paid down to raise my score so I will be in a better position to apply for business lines of credit. My financial situation: I am a good candidate for this loan because I have always has excellent credit and have always re-paid my debt. We purchased several real estate investment properties in 2007 and was good until the banks practically shut down lending. We had a really good investment deal that we could not pass up and I used a personal credit card for the down payment. I traditionally have had a high 700 credit score, so this one card has brought my score down (to a B grade according to Prosper's calculation). With the lending guidelines tightning up, a high 700, which previously was excellent is now okay. I know when I pay down this card, my score will rebound and I will be in a better position to obtain business lines of credit to repay the loan. Plan B would be to take a loan from my 401k to repay this loan should the business lines of credit not pan out. Monthly net income: $ 14,800 Monthly expenses: $ Housing: $ 5,800 Insurance: $ 200 Car expenses: $ 500 Utilities: $ 500 Phone, cable, internet: $ 200 Food, entertainment: $ 300 Clothing, household expenses $ 500 Credit cards and other loans: $ 1000 Other expenses: $ |
|
Discussion For This Listing
|
||
|---|---|---|
|
No Comments Found For This Listing
|