Buying Comercial Building (currently renting it)
| Listing Information | |||
|---|---|---|---|
| Amount: | $22,222.00 | Status: | Loan created |
| Grade: | AA | DTI: | 30% |
| Lender Rate: | 14% | Borrower: | MoosieID |
| Finished | State: | ID | |
| Funded: | 100% | Group: | Outdoorsmen of America |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Paid | Origination Date: | 2008-01-29 | EricsCC ROI: | 14% |
| Status History | |
|---|---|
| Jan 30, 2008 | Current |
| Feb 23, 2008 | Payoff in progress |
| Mar 01, 2008 | Paid |
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ABOUT ME: Currently, I am a partner in an Engineering firm. We have been in business for 2 years. We do commercial and residential developments (parking lots, subdivisions, sewer, water, roads, etc.) We are leasing our current building. I have 13 years experience in this business and have worked previously for several firms before starting our own. My 2 partners are a licensed Engineer and a licensed surveyor. There are 7 employees of the company. My hobbies include coaching soccer for 2 of my 4 boys, Cub master, hunting, investing in real-estate, and other types of investing. We are currently trying to buy the building that we are leasing. It is 5,760ft2 total and we occupy 1,440 of that space. There is about 600ft2 in common area (Kitchen, restrooms, etc.). There is 1 space open and 2 other tenants in it. One is a software company and one is a chiropractor. We are not buying it as our Engineering firm but creating a separate LLC and buying it through it. We might have an outside partner in it. I have some cash in the bank and this loan would finish my financial ?gap? without tapping all the reserves. FINANCIALS: I draw an income from the Enigineering firm. In addition to that, I own 4 rentals as well as my current home. One breaks even, the other 3 cash flow. I have an 80% loan (or less) on each one with no seconds. I plan to buy more, but this commercial property is my #1 right now. Banks have tightened the lending options unfortunately. I was paying extra on the homes to cash flow them better but unless I liquidate I have all my money tied up in them. The recent inquires on my credit report were for a Tahoe (Used one) I just purchased for my wife. Another one was a loan option I was looking into this month to buy a new rental. (I?m placing that on the backburner because this building just came up to buy). Assets / Other options: I own land (1.3 Acre) free and clear (Except taxes of course) that gives me no borrowing power against it. Unfortunate banks look at ?paid for? land as no value. (If I owed money it would be a hit against me, but paying for it cash is no benefit, go figure?!?!) I could place a small ?shack? on it and get the value of the shack and the land, but until I do, well, it?s ?ground money? that?s not accessible. That is another option I?m kicking around. I have a Simple IRA that I cannot borrow from. Laws are laws. Unfortunately If I withdrew money I pay a 10% Gov. penalty as well as other fund penalties and taxes on top. Crap ? Yes?. but what do ya do ? *smile* I am an excellent candidate for this loan with ?AA? credit and no delinquencies. I have always been very responsible and reliable about paying all my debts. My Assets, cash flow, income, credit rating, etc. hopefully proves that. I have no problem currently meeting all financial obligations. The Prosper loan will be one of my first priorities each month with payments automatically withdrawn. I have account verified, house verified and lend on prosper. As with all my past and present financial responsibilities, I promise to make all my payments on time. Defaulting on this loan is not an option for me. I am concurrently looking for other options (no offence) but need a backup plan and this is it. I also want rate on this loan to be low. Unfortunately Prosper money with my credit rating is ?expensive? money but in the long run makes sense for me. If the rate doesn?t lower I will not accept it, but would like it to fund so I?m starting my rate HIGH. Everyone needs diversification in their lending portfolio and my loan, although not high return will bring security in your portfolio. If you have a question, please ask. |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 246086 | Just seeing how this Place works !!!! | AA | $1,000 @ 9% | Dec 06, 2007 | Loan created |
| 263422 | Beer and Women !! (Maybe ? ) | AA | $25,000 @ 11% | Jan 11, 2008 | Withdrawn |
| 319127 | Some extra coin | A | $7,500 @ 15% | Apr 27, 2008 | Withdrawn |
| 325463 | Some extra coin (Relist) | A | $7,500 @ 18% | May 04, 2008 | Loan created |
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