Down payment on investment properties.
| Listing Information | |||
|---|---|---|---|
| Amount: | $24,000.00 | Status: | Loan created |
| Grade: | A | DTI: | 16% |
| Lender Rate: | 16% | Borrower: | highhouselending |
| Finished | State: | NC | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2008-01-30 | EricsCC ROI: | 14% |
| Status History | |
|---|---|
| Jan 31, 2008 | Current |
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Purpose of loan: This loan will be used to? I am investing in certain multi-family properties in the Rochester NY, Buffalo NY, Raleigh NC, and Philadelphia PA areas, where rental income will produce a positive cash flow in an appreciating market. The markets should appreciate 5% annually, and I am only investing in properties that provide at least 10% ROI. I plan on using the money I borrow from my peers at Prosper to make down payments to get into the properties with commercial loans and then my exit strategy (to pay you back!) will be either to sell the property at an appreciated value or refinance the property (since income is verified with ProForma reports). If I can save money using peer lenders rather than using approved hard money lenders, then I am all for it. Using lending via prosper will allow me to get cash for down payments and closing costs so that I can control the property without having to have multiple loans on my credit score. My financial situation: I am a good candidate for this loan because? I have excellent credit, I have never missed a payment or not repaid a debt, I have a good, solid income and I also have a solid plan on picking the investment properties and knowing when to re-pay the loan. |
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