INVESTMENT PROPERTY PURCHASE
| Listing Information | |||
|---|---|---|---|
| Amount: | $25,000.00 | Status: | Loan created |
| Grade: | D | DTI: | 73% |
| Lender Rate: | 30% | Borrower: | msebony |
| Finished | State: | IL | |
| Funded: | 100% | Group: | Cashfunders For Individuals |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2008-06-24 | EricsCC ROI: | 28% |
| Status History | |
|---|---|
| Jun 22, 2008 | Current |
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DTI Explanation: Prosper will not use contracts and bank statements as verification of income for self employment therefore, I can only use $35,000 of my income for the listing. 2007 Tax Return Income: $107,377; 2006 Tax Return Income; $118,000 Purpose of Loan: Purchase new condo investment property (foreclosure) completed 3 bedrooms, 2 bathrooms with hardwood floors, granite counter tops, overlooking the pond at Washington Park, soon to be the 2016 Olympic site (if Chicago gets the bid!) Estimated value: $180,000 Price: $55,000 Average rent for comparable properties in the area: $1400-1600 I am a good candidate for this loan because I am an attorney and specialize in condo law. I also do evictions and I own a property management company. I have the ability to lease, manage, and service this condo. I am putting $30,000 of personal funds towards the purchase plus the cost of some minor repairs. I will use the proceeds from rental income to pay this loan. I have the income and ability to pay the loan if something happens with the renter. Monthly Income: $6716 Explanation of Monthly Income: $2916 (employed as an attorney at a small nonprofit); $2600 (self employment as attorney); $1200 (property management) Monthly Personal Expenses: $3625 Condo Monthly Expenses: Prosper Loan: $1,000 Assessment Fees: $140 Taxes and Insurance: $300 |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 266621 | Ambitious Attorney and Single Mom Opening New Restaurant | HR | $15,000 @ 35% | Jan 16, 2008 | Withdrawn |
| 281684 | RESTAURANTEUR FINANCING ARCHITECT FOR NEW RESTAURANT | D | $4,000 @ 35% | Feb 19, 2008 | Expired |
| 285555 | FINANCING ARCHITECT FOR NEW RESTAURANT-- 2nd TRY | D | $4,000 @ 20% | Feb 28, 2008 | Cancelled |
| 295225 | FINANCING ARCHITECT FOR NEW RESTAURANT-- 2nd TRY | D | $4,000 @ 21% | Mar 19, 2008 | Cancelled |
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