Help Needed for Family-Run Business
| Listing Information | |||
|---|---|---|---|
| Amount: | $15,000.00 | Status: | Expired |
| Grade: | AA | DTI: | 43% |
| Lender Rate: | 17% | Borrower: | justg4me |
| Finished | State: | MD | |
| Funded: | 28% | Group: | (No Group) |
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Purpose of loan: I am currently running a small rental business with my 71-year-old mother and my son who has just graduated from the University of Michigan as an Industrial and Operations Engineer. My son is now the property manager of the home from which I run my business, and he will ensure that the house is being properly utilized. The house has eight bedrooms and three bathrooms and is also handicap accessible for residents with disabilities. It has a two-bedroom apartment on its lot, which has been occupied for the last three years. The following work needs to be done: 1) new carpet installed, 2) update all three bathrooms, 3) paint the interior and exterior of the house, 4) replace some appliances, 5) clean out all gutters, and 6) remove a tree that fell over the driveway from a bad storm we had last week. The house is located one half-mile away from the nearest university. It is located one block from a bus line and is accessible via shuttle access. We have currently registered the house with the university?s off-campus student center. My financial situation: I am a good candidate for this loan because I have good credit and a clean credit report. I am dependable and hard working with the perseverance to see this project through. With the assistance of my mother and my son and some additional financial assistance through a loan, I know our small business can succeed. The financial breakdown is as follows: $6,700 Monthly Rental Income $3,600 Monthly Mortgage $1,500 Monthly Utilities $ 550 Prosper Monthly Payment $1,050 (Monthly Profit) |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 374273 | Fixing up a older home to be able to rent it out. | AA | $17,000 @ 21% | Jul 30, 2008 | Withdrawn |
| 382092 | Renovate Assisted Living Home to Attract Residents | AA | $13,000 @ 15% | Aug 14, 2008 | Loan created |
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