Investing in a multi-family unit building
| Listing Information | |||
|---|---|---|---|
| Amount: | $7,000.00 | Status: | Loan created |
| Grade: | A | DTI: | 22% |
| Lender Rate: | 9% | Borrower: | MissionPossible |
| Finished | State: | IL | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2008-09-22 | EricsCC ROI: | 8% |
| Status History | |
|---|---|
| Sep 20, 2008 | Current |
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Purpose of loan: This loan will be used to buy / invest in a multi-family unit building. We (sister and I) are investing in what will be a family owned and occupied building to get away from years of renting, with no equity. We have the opportunity to purchase a building in an up and coming community, with the rental income paying 100% of the mortgage and related expenses. While we have the combined income, credit, and funds to cover most of the expenses in purchasing this property, we must put down a little more money than expected due to recent changes in the lending industry. We have already been pre-approved for the loan amount, the offer has been accepted, and we believe that every need will be met to close on this property. My financial situation: I am a good candidate for this loan because I have good credit, I pay my bills on time, and I have the vision, plan, and determination to be debt free. |
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