Need more $$ to close escrow on dream property
| Listing Information | |||
|---|---|---|---|
| Amount: | $25,000.00 | Status: | Loan created |
| Grade: | A | DTI: | 18% |
| Lender Rate: | 17% | Borrower: | ButterflyWoman |
| Finished | State: | CA | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Paid | Origination Date: | 2008-07-07 | EricsCC ROI: | 17% |
| Status History | |
|---|---|
| Jul 09, 2008 | Current |
| Sep 04, 2008 | Payoff in progress |
| Sep 06, 2008 | Paid |
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Purpose of loan: We are in escrow on a BEAUTIFUL 40 acre property with home, barn, pond, creeks..... We have obtained an 80% first loan from a private lender to finance this purchase, but we are 25,000 short on our 20% down (total purchase price is 420,000). We plan to build some day near the pond among the oaks, but for now we are just in a situation of bad timing. We are new(ish) real estate investors, and our first rehabbed proeprty goes on the market in South Carolina next week. It is in a community with a srong RE market, and will sell easily with a minimum of $30,000 profit. However, our escrow on the 40 acres closes NEXT WEEK. We need a loan to bridge the gap between the purchase of the 40 acre property and the sale of the investment property. Our later plan after we own this beautiful property is to partner with our frined who is planning to start a therapeutic horseback-riding practice. We have the property, she has the knowledge, and the benefit is to the disabled who can see improvement and enjoyment from well-,managed riding experiences. My financial situation: I am a good candidate for this loan because? I plan to repay it with the proceeds frm the South Carolina investment property which I expect to sell very quickly. I'm also looking forward to becoming a Prosper lender in the near future, as our real estate business grows. |
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