Finish Home Construction and Settle into Mortgage
| Listing Information | |||
|---|---|---|---|
| Amount: | $24,000.00 | Status: | Loan created |
| Grade: | A | DTI: | 26% |
| Lender Rate: | 17% | Borrower: | MartinV |
| Finished | State: | CA | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2008-03-27 | EricsCC ROI: | 15% |
| Status History | |
|---|---|
| Mar 28, 2008 | Current |
| Oct 12, 2008 | Late |
| Oct 23, 2008 | Current |
| Nov 13, 2008 | Late |
| Nov 27, 2008 | Current |
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Purpose of loan: This loan will be used to help finish construction on my home and settle into a much lower interest mortgage. I had to fire my first contractor for fraudulent practices and I am now in the position of not having enough cash left in the original construction loan to complete the project. My lender wants me to come up with the difference before releasing the rest of the funds to complete the project. I need $50,000 cash to add to the $100,000 remaining in the loan to complete the project. I am going to use this $24,000 prosper loan combined with $26,000 cash from me. Remaining construction will take 2 to 3 months. When complete the house and 7-acre property is appraised at $1,100,000. The mortgage will be $700,000 plus the $24,000 prosper loan. My financial situation: I am a good candidate for this loan because I have good equity in several properties and have cash flow in excess of $10,000 per month. I own 50% of a profitable technical company in San Francisco and actively run that business with my business partner. We have been incorporated for 8 years and have a large customer base (mostly Fortune 500 companies). Even though I have the cash flow to repay the prosper loan from my income from my San Francisco business, I will also be repaying the prosper loan from our Maui farm business that we started a year ago (same property as the house construction). We have a commercial roadside business for Maui tourists that generates an amazing amount of business, all cash. (Note: this income is not included in any of the above income or cash flow number as it is cash based). |
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