Bridge loan until real estate contract closes
| Listing Information | |||
|---|---|---|---|
| Amount: | $20,000.00 | Status: | Loan created |
| Grade: | AA | DTI: | 20% |
| Lender Rate: | 10% | Borrower: | charis |
| Finished | State: | GA | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2008-01-17 | EricsCC ROI: | 9% |
| Status History | |
|---|---|
| Jan 17, 2008 | Current |
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Purpose of loan: This loan will be used to cover operating expenses from 2/1/08 to September 2008. My financial situation: I am a good candidate for this loan because I currently have one fully executed commercial real estate contract that should close within this time period for $25,000 in real estate commission ( copy of contract can be provided). I have another contract that should be fully executed shortly for an additional $20,000 in real estate commission. In addition, I am currently working on five additional pieces of property that have a potential of $1,000,000 (my share) in real estate commission. I really believe one or two of these will close this year. I also have $40,000 a year in fixed retirement and social security income. My adjusted gross income for the year ending 2006 was $170,000. Due to the downturn in the real sates market my gross income for 2007 will be approximately $90,000. I believe my adjusted income for 2008 will double or triple my 2007 earning. My short term goal is to get debt free and give $100,000 to the ministry and various charitable organizations. |
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