Capital to Help Finance A Lucrative Mult-Unit Property
| Listing Information | |||
|---|---|---|---|
| Amount: | $23,500.00 | Status: | Loan created |
| Grade: | AA | DTI: | 15% |
| Lender Rate: | 11% | Borrower: | smr2 |
| Finished | State: | IN | |
| Funded: | 100% | Group: | Small Business & Self Employed |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2008-04-08 | EricsCC ROI: | 9% |
| Status History | |
|---|---|
| Apr 08, 2008 | Current |
|
Purpose of This Loan: This loan will provide capital to help purchase a set of mobile homes and Property in Indiana . A total of 13 units, monthly income of $4,700.00 when 100% rented. An additional 4 lots are ready for future development. Purchase price is $215,000 With this Loan Expected Cash Flow is: Gross Monthly Rental Income $4,700.00 (12 units @ $350, 1 unit @ $500) Monthly Expenses Maint. ($300.00) Supplies ($50.00) Lawn ($125.00) Wear Items($100.00) Taxes ($475.00) Insurance ($250.00) Advertising ($25.00) Contingency ($225.00) Vacancy (7.5% rate) ($352.50) EXPENSES - TOTAL ($1,902.50) Net Income Before Debt $2,797.50 Debt Payments Traditional Mortgage($1,310.29) Prosper Loan ($814.64) CASH FLOW = $672.57 The 1st Mortgage is an 80% loan. Current owner is holding a note on 10% ($21,500) of his equity at 7% rate, no pmts, balloon in 2 years. I will refinance within 2 years to pay this off. The remaining 10% ($21,500) will come from this Prosper loan ? leaving $2,000 to cover any extra costs and provide a small amount of working capital. The Bank is considering a higher % 1st mortgage, which could provide additional working capital. My financial situation: I work full time as an Engineer, and could pay the full Prosper Loan amount from personal finances if required. I own 2 other single family rental homes, and a third rental that is on my Personal residence. All of these have positive cash flows which are not reflected in my DTI or income range. They add roughly $400 / month net to my income. Other Assets: Equity Rental Property 1: $26,000 Rental Property 2: $25,900 Personal Residence: $16,000 401k $24,000 Thank you For considering My Loan - Please feel free to contact me with any questions! |
|
Discussion For This Listing
|
||
|---|---|---|
|
No Comments Found For This Listing
|