Home Renovation
| Listing Information | |||
|---|---|---|---|
| Amount: | $25,000.00 | Status: | Loan created |
| Grade: | AA | DTI: | 7% |
| Lender Rate: | 12% | Borrower: | beachbulldog |
| Finished | State: | VA | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2008-07-31 | EricsCC ROI: | 11% |
| Status History | |
|---|---|
| Jul 31, 2008 | Current |
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Purpose of loan: We have purchased a home for purposes of rehabbing it. We paid $145K and can renovate it and sell it for about $235K. Our expenses to renovate are $35-$40K to convert the garage to a fourth bedroom ans add a second bathroom and totally redo the interior (new central air, new electrical, carpet, new kitchen, tile, carpet, paint, exterior siding, etc.). This house when we're completed will go from a 3 bdrm 1 bthrm at 1200 sq. ft. to a 4 bdrm/2 bthrm 1500 sq ft home. Homes in this neighborhood at this price are selling within about 30-45 days at about the price I mentioned above. We did a lot of homework before we committed ourselves. We have a contractor lined up that can finish the work in 5 weeks and we will relist the property before summer is over. So, all in all, we anticipate closing, renovating and selling in 90 days or so. When the house is sold we will repay the loan in full. My financial situation: I am a good candidate for this loan because I am gainfully employed and have been every since I got out of college. I am married and have a stable home and my husband makes a good income ($100K+) as well. We have excellent credit and pay our bills. We appreciate your serious consideration. Thank you!! |
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