Residential Investment Property
| Listing Information | |||
|---|---|---|---|
| Amount: | $25,000.00 | Status: | Loan created |
| Grade: | AA | DTI: | 28% |
| Lender Rate: | 17% | Borrower: | Cagle |
| Finished | State: | TX | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Paid | Origination Date: | 2008-07-14 | EricsCC ROI: | 17% |
| Status History | |
|---|---|
| Jul 12, 2008 | Current |
| Oct 06, 2008 | Payoff in progress |
| Oct 09, 2008 | Paid |
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Purpose of loan: This loan will be used to partner with another investor in the purchase of a residential property. The property has a tax appraisal of $90K and the comparable sales prices in the neighborhood range from $99K-$130K. We have an agreement with the Trust that controls the property to purchase it for $65K. I have "flipped" a similar property in this area within the past year which was purchased for $35K and sold for $108K with a total investment of $73K after improvements and interest. My financial situation: I am a good candidate for this loan because I have successful experience in the real estate market in this area and have lived in this are for over 25 years. My portion of this investment is 50% of acquisition, remodeling and profit upon the final sale of the property. The remodeling expenses will not exceed $5K and will be professionally completed within 2 weeks from the purchase date. I am personal friends with the owner of the property and have been in the house numerous times throughout the past 6 years. I know exactly what needs to be done to this property to make it ready for a quick sale in the current market in this area. The total investment will be $70K: $35K for each investor. I will use $10K cash from my savings plus $25K from this loan for my half and coordinate the remodeling and sale of the property. I have a verifiable income from my full time job of 7 years of $55K per year. I own and operate a small construction and remodeling business (Texas registered LLC) in my spare time. My monthly living expenses are less than $1,500. Revenue fromside construction work typically nets $1000-$2,500 per month. |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 362174 | Residential Investment Property | AA | $25,000 @ 14% | Jul 04, 2008 | Withdrawn |
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