Renovation of Rental Property
| Listing Information | |||
|---|---|---|---|
| Amount: | $5,000.00 | Status: | Loan created |
| Grade: | A | DTI: | 18% |
| Lender Rate: | 13% | Borrower: | TheBigMoneyMan |
| Finished | State: | OK | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Paid | Origination Date: | 2008-01-16 | EricsCC ROI: | 12% |
| Status History | |
|---|---|
| Jan 17, 2008 | Current |
| Sep 13, 2008 | Payoff in progress |
| Sep 17, 2008 | Paid |
|
Purpose of loan: This loan will be used to renovate a property that I own without a mortgage. I will use this property for a rental that will provide a solid home for someone in the near future. I buy old properties completely renovate the interiors with new wiring, sheet rock, paint, plumbing, and flooring. This will make a nice home for a small family. I am using $15,000 of my own money along with $5,000 from this loan to finish this project. My local bank is willing to give me the money, but I would be stuck paying origination fees, appraisal fees, city permits, and fighting through all the other red tape associated with traditional loans. I would rather pay the interest to helping individuals. My financial situation: I am a good candidate for this loan because I own 4 properties without mortgages. I have always worked full-time. I have been at my current job almost 6 years. The only debt that I have is 2 credit cards that I pay off monthly along with my truck payment that is paid by my duplex. I recently paid off the last $4,000 on my newest property. I will pay all my payments on time without incident. This will be my first Peer to Peer Loan experience so I am looking to make the most of it. Thank you for your support and help. |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 408264 | Renovation of Rental Property | B | $12,500 @ 20% | Oct 04, 2008 | Withdrawn |
| 411618 | Renovation of Rental Property | B | $12,500 @ 35% | Oct 10, 2008 | Cancelled |
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