Paying for Downpayment on a Great investment Opportunity
| Listing Information | |||
|---|---|---|---|
| Amount: | $14,500.00 | Status: | Loan created |
| Grade: | B | DTI: | 21% |
| Lender Rate: | 21% | Borrower: | cresthill |
| Finished | State: | IL | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2008-01-28 | EricsCC ROI: | 17% |
| Status History | |
|---|---|
| Jan 26, 2008 | Current |
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Purpose of loan: This loan will be used to pay for downpayment on a great investment property I am buying that has a good chunk of profit. My financial situation: I am a good candidate for this loan because this is a great investment property that has a huge profit potential. I am buying this property at 35% below its market value and it only needs less than $5,000 dollars to do cosmetic touch ups. This will dramatically increase the property's value of which I will then sell the property to a retail buyer for a nice chunk of profit or lease option it to a tenant buyer. I will get a downpayment from the tenant buyer which I can use to pay part of this loan or just use the nice positive cash flow to make monthly payments on this loan. I am a great risk to take I would say because the loan is secured by a real estate. Monthly net income: $ 3,500 Monthly expenses: $ Housing: $ 1058 Insurance: $ 92 Car expenses: $ 0 Utilities: $ 90 Phone, cable, internet: $ 137 Food, entertainment: $ 150 Clothing, household expenses $ 100 Credit cards and other loans: $ 150 Other expenses: $ 100 |
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