Rental Property Rehab
| Listing Information | |||
|---|---|---|---|
| Amount: | $20,000.00 | Status: | Loan created |
| Grade: | AA | DTI: | 29% |
| Lender Rate: | 12% | Borrower: | LRhody |
| Finished | State: | DC | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2008-06-04 | EricsCC ROI: | 11% |
| Status History | |
|---|---|
| Jun 05, 2008 | Current |
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Purpose of loan: This loan will be used to? . . . Rehabilitate a rental property I own locally. Current tenant is moving out and has been there for more that eight years, so the property will require a decent amount of sprucing up and improvements in order for me to rent out again at a better price or sell at a good price. My financial situation: I am a good candidate for this loan because? . . . I am an experienced person in real estate and have experience with these kinds of projects. Have owned this property for a dozen years, there is a great deal of equity in it, which is good collateral for the loan. This rehab loan will be a good return on investment. My financials are: Income: Monthly income from wages: $2500 (per W-2 proof required by Prosper.com) Monthly rental income: $3000 Military pension: $1100 Total: $6600 Expense: Mortgages: $3300 Insurance: $200 Utilities/Cable/Phones: $350+/- BankAmerica loan: $100 (balance is 700) Credit Card: $55 (balance 900) IRA/Savings: $450+/- Gas & Car expenses: $100 (car loan is paid off) |
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