Apartment Purchase - Cashfunders Endorsed!
| Listing Information | |||
|---|---|---|---|
| Amount: | $25,000.00 | Status: | Loan created |
| Grade: | AA | DTI: | 0% |
| Lender Rate: | 17% | Borrower: | refreedom |
| Finished | State: | CA | |
| Funded: | 100% | Group: | Cashfunders For Individuals |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2008-04-25 | EricsCC ROI: | 15% |
| Status History | |
|---|---|
| Apr 24, 2008 | Current |
| Aug 12, 2008 | Late |
| Aug 16, 2008 | Current |
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Purpose of Loan: This loan will be used to complete the purchase of a 207-unit apartment complex in Houston, TX that I've partnered on with 2 business associates. It is a well-structured investment that will generate impressive and immediate positive cash flow. Investment Details: We picked up the property out of foreclosure so the purchase price is well below market (currently represents approx. $2 million in equity). The property is currently at 35% occupancy due to an electrical issue the previous owner caused, which "browned" out most of the units. The owner allowed us to officially take over title on 4/1/08 while we complete the purchase transaction. We're already correcting the electrical issue and expect to be at 75% occupancy in the next 60-90 days. Comparable properties within a 3 mile radius have been consistently operating at a 90-92% occupancy rate. We expect to reach the same occupancy in approx. 6 months. This investment will result in a personal monthly income of $7-$10k in the next 30-60 days and continue to increase thereafter so I'll have no problem making these loan payments. My Financial Situation: I am a good candidate for this loan because I've maintained excellent credit and carry MINIMAL debt. My DTI does not display because Prosper won't allow me to use this Real Estate investment income nor will they allow usage of my Wife's income, which is approximately $90,000 yearly. I've operated my own independent software sales/project management business for 4 years and have also served as a marketing consultant. Within the last year I've partnered with experienced Real Estate Investors to continue building a real estate portfolio. I also have Money Market funds that I use for emergencies and unexpected bills, which I would allocate to these loan payments if necessary. Thank you for your support and funding!!! |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 306806 | Apartment Purchase Transaction | AA | $25,000 @ 26% | Apr 09, 2008 | Expired |
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