Buying 5th Rental Property
| Listing Information | |||
|---|---|---|---|
| Amount: | $20,000.00 | Status: | Withdrawn |
| Grade: | A | DTI: | 47% |
| Lender Rate: | 14% | Borrower: | Chadwick_Bay_Investments |
| Finished | State: | NY | |
| Funded: | 1% | Group: | (No Group) |
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Purpose of loan: I have a purchase offer accepted on a 3 bedroom, 1 bath single level home here in town. Went to the bank and for investment property loan with down payment and closing cost they want close to $4800 plus I will have my legal fees. The purchase offer in only for $21,400 and it would be a 30 year loan. That?s nuts, don?t you agree. So I come to you, the Prosper Lenders. The prosper loan is a 3 year loan at 15% or less. The rental income is $450 a month with a long term tenant currently living in the home. I will need to add $215 plus property taxes ( very Low )and insurance to the cost of this investment property. My last Prosper loan was not funded, so I paid off the balance of the Land Contract out of my checking account and have proceeded to finish the apartment. That loan was $379.80 a month, which I no longer have to pay. That $379.80 I no longer have to pay on the Land Contract can now be added to the rent ( $450 ) from this investment purchase giving me $829.80 to make this payment taxes and insurance and it is only 3 years term loan. My income is a lot more than stated above. I don?t have leases for my rentals, never have for over 25 years so I only put down my W-2 income from my job of 11 years. I gross $4124.00 a month at work. My rental income alone is $2600 a month with this purchase. And upon the completion of the rental apartment at one of my other properties my Rental Income will rise to $3000. My financial situation: Is solid and stable. My Debt to Income is high here because I did not include any Rental Income. I am a good candidate for this loan because?I take my credit score and debts very seriously. I don't rush into things when it comes to money and I strive to have all payments paid on time as my credit check shows. This Prosper loan was thought out and planned and not taken lightly. I also am a lender here on prosper. Work Income $4126 month per W2 Form Rental Income $2600 month Total Income = $ 6626 per month Current Total Mortgage Payments $2160 Months Including this prosper loan Credit Card - $400 month Car - $298 phones and internet - $100 utilties - $190 food and Gas - $500 Insurance $200 |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 249306 | Improving A Rental Property | A | $12,000 @ 12% | Dec 12, 2007 | Expired |
| 272059 | Buying 5th Rental - relist --high debt to income-read why | A | $15,000 @ 14% | Jan 27, 2008 | Expired |
| 275421 | Single Family Home Purchase - Pays fot Itself | A | $6,500 @ 8% | May 26, 2008 | Loan created |
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