Eric's Credit Community

Purpose of loan:
This loan will be used to rehab a recently purchased REO that I bought for $13,900. I've been doing real estate for 5 years. I have a business with my father rehabbing and flipping homes. My father has been a contractor for 40 years. We have purchased a house with a subject to appraisal of 85k based on our scope of work. The work should be complete in 4 weeks. We need 25k to complete the project. I have a buyer lined up and approved for the purchase of the property at $59,500 which is 70% of the value. All buyer information has been submitted to the bank and been approved for the purchase. The subject to appraisal was conducted by the bank's approved appraiser and the value has been accepted pending the completion of rehab. The only thing left is to rehab the property.

My financial situation:
I am a great candidate for this loan because I have never been late on any payments. I have 11 Rental properties all cash flow positive and a full time job. At my full time job I gross 10,000 a month and with my properties I make an additional $2,500 in NET cash flow. As you can see my DTI is VERY low.

My NET monthly budget is as follows:

Income: $6000

Cash Flow: $2500

Mortgage: $800
Total Income:$8500

Car: Paid Off

Gas: $250

Food:$500

Cell Phone/Internet:$150

Savings: $2500

Student Loans: $100

Credit Cards: $263

Utilities:$130
Total Expenses:$4693