Temporary loan until apartment acquisition is finalized
| Listing Information | |||
|---|---|---|---|
| Amount: | $10,000.00 | Status: | Loan created |
| Grade: | A | DTI: | 0% |
| Lender Rate: | 23% | Borrower: | bhalv16 |
| Finished | State: | MD | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2008-08-08 | EricsCC ROI: | 22% |
| Status History | |
|---|---|
| Aug 08, 2008 | Current |
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Purpose of loan: This loan will be used to pay my monthly debts in the short term until I can finalize a real estate deal that is nearing completion. Since July of 2007 I have been involved in transaction to purchase 575 apartment units, ready to go condo, in an affluent area close to D.C. We are nearing completion and just about ready to close. Red tape will keep us waiting just a bit longer to do so. Since July 2007 I have spent my savings in order to pay my monthly obligations. I am just about tapped out of liquidity and need a little help. Note: My income will be multiple times the amount I listed as annual income. I entered $250,000 since that is what I had been making for many years. Currently I am not earning that amount, due to working on this project. However, after debt service, once I own the apartments, I will be netting approximately $200k to $250k a month in rental. My financial situation: I am a good candidate for this loan because I have never failed to pay my debts and as a result, I maintain a 700+ credit score. Not to mention, I will be able to easily repay the loan as soon as the deal gets completed. We will be starting off with a couple million dollars in capital from loan proceeds, let alone the rent. I hope you will consider my request. Another safety valve for lenders is that I own other real estate including a property that I carry no mortgage on and can easily cover double the balances of my revolving liabilities if need be. Thank you for your consideration. |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 371633 | Temporary loan until apartment acquisition is finalized | A | $25,000 @ 33% | Jul 22, 2008 | Expired |
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