Buying 5th Rental - relist --high debt to income-read why
| Listing Information | |||
|---|---|---|---|
| Amount: | $15,000.00 | Status: | Expired |
| Grade: | A | DTI: | 43% |
| Lender Rate: | 14% | Borrower: | Chadwick_Bay_Investments |
| Finished | State: | NY | |
| Funded: | 0% | Group: | (No Group) |
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Purpose of loan: I am re-listing this because I am lowering the amount i need to borrow to purchase the house now, sold a couple of my cars, and some scrap metal. So now I only need 15,000 not the 20,000. This listing will not be canceled. Yes I am investing $6000 of my own money toward this purchase. I currently 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 $21,000 and it would have been a 30 year bank loan. That?s insane to me, do you agree? So I come to you, the Prosper Lenders. The prosper loan is only a 3 year loan at 14.7% or less, really looking for 12%. The rental income is $450 a month with a long term tenant currently living in the home. I will need to add only $150 to pay property taxes and insurance and this loan on this property. Best on all the property is paid for in just 3 years 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 over 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 a rental apartment at one of my other properties my Rental Income will rise to $3000. My financial situation: Is strong and stable. My Debt to Income is high here because I did not include any Rental Income. Again I dont use leases. 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. According to WAMU my Fico score in now 761, my credit card debt is now only $19700.as of 1-27-2008 Work Income $4126 month per W2 Form Rental Income $2600 month Total Income = $ 6626 per month rises to $7026 when i complete another apartment in june Current Total Mortgage Payments $1980 Months Including this prosper loan Credit Card - $400 month Car - $298 phones and internet - $100 utilties - $190 food and Gas - $500 Insurance $200 Thank You All |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 249306 | Improving A Rental Property | A | $12,000 @ 12% | Dec 12, 2007 | Expired |
| 270096 | Buying 5th Rental Property | A | $20,000 @ 14% | Jan 24, 2008 | Withdrawn |
| 275421 | Single Family Home Purchase - Pays fot Itself | A | $6,500 @ 8% | May 26, 2008 | Loan created |
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