Remodeling Kitchen and Bathroom
| Listing Information | |||
|---|---|---|---|
| Amount: | $12,500.00 | Status: | Loan created |
| Grade: | A | DTI: | 25% |
| Lender Rate: | 27% | Borrower: | portlandave |
| Finished | State: | MN | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2008-06-05 | EricsCC ROI: | 26% |
| Status History | |
|---|---|
| Jun 05, 2008 | Current |
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Purpose of loan: I own a house that I am currently rehabbing to sell. I need to hire a few contractors to get the project done soon so that I can list and sell the house right away. My financial situation: My monthly salary is approximately $7000. Here is a breakdown of my expenses: House payments. 1400 Car payment. 450 Student loans 150 Home improvement loan 125 I have no credit card debt, but my credit report shows that I do because I charge up a hefty bill every month through work. Work pays all my expenses, so no credit card debt. So I have a monthly income of $7000 and Expenses of $2125. I have plenty of monthly income to take care of the payment. My wife and I both work and none of these numbers include her income, however they do include her debt. I own the house for $135,000. I have put about $65,000 of my savings into it so far to get it up to date. This home is off of a prestigious parkway and creek in Minneapolis, MN and the market has not been affected at all by the housing downturn. I am looking for a loan so that I can expedite the construction process by hiring contractors, rather than doing the work myself. I expect to place the house for sale July 15th when all of the rehab is complete for over $500K. When complete the home will be 100% renovated with 3200 square feet, 4 bedrooms, 3 baths, and a theatre room with wet bar. The closest comparable home currently for sale is 2 blocks down the creek from me and is 1800 square foot, 3 bedroom, and 2 bath. That home is listed right now for $499,000, so I will easily have $200k of equity once my project is done. I hope to have the house sold and closed by September of this year. |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 336513 | Remodeling Kitchen and Bathroom | A | $25,000 @ 24% | May 21, 2008 | Expired |
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