Improving the quality of living for our tenants
| Listing Information | |||
|---|---|---|---|
| Amount: | $25,000.00 | Status: | Loan created |
| Grade: | AA | DTI: | 10% |
| Lender Rate: | 16% | Borrower: | sfchas |
| Finished | State: | CA | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2008-07-28 | EricsCC ROI: | 15% |
| Status History | |
|---|---|
| Jul 25, 2008 | Current |
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Purpose of loan: Our mobile home park is in the process of becoming a better place for our tenants to live and for other tenants to want to make their home. Our park is an older park located in Portland, Oregon. Many of our tenants have been living there for 10 or 20 years. We have a large population of reliable tenants paying rent on time. My business partner and I bought the park about 18 months ago with the intention of upgrading it and making it a more desirable place to live and adjusting rents accordingly to reflect the more appealing nature of the park. While many upgrades to individual units have been completed, we are seeking a small amount of additional capital to complete improvements on some individual units as well as dress up our laundry room, visitor parking area as well stucco on our main structure. My financial situation: As an investor in real estate property for the past 24 years, I've successfully turned over numerous properties achieving a substantial rate of return, often annualized at 18% or more. I have good income in a stable job with outstanding credentials in my profession, Information Tech. In addition, I have net assets exceeding $2,000,000. This represents an extremely low risk loan. |
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