Buying trailers to finish mobile home park
| Listing Information | |||
|---|---|---|---|
| Amount: | $24,000.00 | Status: | Loan created |
| Grade: | A | DTI: | 19% |
| Lender Rate: | 15% | Borrower: | KennyB52 |
| Finished | State: | CA | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2008-03-24 | EricsCC ROI: | 13% |
| Status History | |
|---|---|
| Mar 22, 2008 | Current |
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Purpose of loan: This loan will be used to fill empty pads in my mobile home park.My lender wants me to have 90% occupied pads to complete my refinance.The credit crunch is tightening up the lenders.It is a 108 pad park.I need to refinace to finish filling the park at which time I will be cash flowing $140,000+ a year after debt service.This is a GREAT business. My financial situation: I am a good candidate for this loan because I have $1,300,000 in equity and I am cash flowing $7000 a month.I have 25 years experience in real estate.The park is worth $2,500,000 and I owe $1,200,000. |
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