Buying and renovating multi-plex investment property
| Listing Information | |||
|---|---|---|---|
| Amount: | $10,000.00 | Status: | Loan created |
| Grade: | A | DTI: | 11% |
| Lender Rate: | 14% | Borrower: | Sunpoint |
| Finished | State: | CA | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2008-08-15 | EricsCC ROI: | 13% |
| Status History | |
|---|---|
| Aug 15, 2008 | Current |
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Purpose of loan: This loan will be used to pay the contractor to renovate units in a multiplex in San Antonio, TX to make them habitable and provide decent housing for lower income people. I'm a single mother in a real estate investing mentorship program, and this is my first investment. I want to be able to build up my investment portfolio and quit my 9-5 job so I can spend more time with my son, and to offer him a better future. He's been diagnosed as ADD and within the autistic spectrum and needs a lot of specialized attention to help him succeed in school and in life. My financial situation: I am a good candidate for this loan because I work hard and have a stable employment history, and pay my bills responsibly and on time. This investment property will be purchased at below-market value at around $165,000, with about $40,000 put into renovations. After they are repaired and remodeled, the property will be worth around $300,000. I'm obtaining a hard-money loan to purchase the property; this lender will provide additional money as each phase of the renovation is completed, however I need the $10,000 so I can pay the contractor at the beginning of the renovation until the first phase is done and the first portion of the construction loan is made by the hard-money lender. Thanks for considering me, and I hope we can do business together! |
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