Investing in a neighboring home
| Listing Information | |||
|---|---|---|---|
| Amount: | $20,000.00 | Status: | Loan created |
| Grade: | A | DTI: | 33% |
| Lender Rate: | 17% | Borrower: | LoveToRemodel |
| Finished | State: | MN | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2008-06-09 | EricsCC ROI: | 15% |
| Status History | |
|---|---|
| Jun 10, 2008 | Current |
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Purpose of loan: To update a neighboring home. My dad, brother, and I love to remodel homes. We've found a way to make this our business and to help our community at the same time. We buy worn out homes from people who want to move but who can't, or would rather not, fix up their home for sale. We renovate and resell the homes. Because we buy homes directly from the owners and do the work ourselves, we make a modest profit without inflating the cost of the refurbished home. We live in a college town, and while we love our students, we know it can cause real problems when the character of a neighborhood changes from one of single family dwellings to rental properties. Our new neighbors love us! We help their (often elderly) neighbors with their move, and help maintain or raise the property values on the block. Why we need a loan: So far my husband and I have financed all these projects. My dad, brother, and I have incorporated and would like to establish our business's own credit history but are finding that to be a "catch 22" because the business can't take out a mortgage. Some of our past projects were contracts for deed, but the owner of this current project house can't do that. Why we're good candidates for this loan: Even in this buyer's market we've sold our completed project houses within days or weeks of putting them on the market. We do extensive planning and have made a profit on each project. Our combined income would allow us to pay our Prosper loan off even if we never sold the house. |
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