Renovate Property for Rental
| Listing Information | |||
|---|---|---|---|
| Amount: | $10,000.00 | Status: | Loan created |
| Grade: | C | DTI: | 18% |
| Lender Rate: | 35% | Borrower: | greenback-assembler320 |
| Finished | State: | GA | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2008-09-29 | EricsCC ROI: | 34% |
| Status History | |
|---|---|
| Sep 27, 2008 | Current |
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Purpose of loan: This loan is to renovate our existing home for rental as we complete building our new home. As you can imagine with the housing crisis, many owners have turned to renting as a way of keeping their current homes while they downsize into more affordable living arrangements.Our situation is different in that we are moving into a new construction home and are looking to upgrade our current home to get top dollar in the rental market. The funds from Prosper will be used to purchase upgraded appliances, new counter tops, new fixtures, paint, and carpeting. My financial situation: My husband and I have had a long history of paying our financial obligations on time. Recently we have hit a few bumps in the road that have caused a couple late payments, but have since regained control and are moving in the right direction. Our daughter did not receive a scholarship for her college tuition and we had to come up with a large tuition payment in a short period of time. That surprised caused us to fall behind for a month or so, but we have since caught up and are back to paying ourbills in full and on time. Monthly net income: $ 5800 Monthly expenses: $ Housing: $ 1900 Insurance: $ 199 Car expenses: $420 Utilities: $ 300 Phone, cable, internet: $ 200 Food, entertainment: $ 500 Clothing, household expenses $200 Credit cards and other loans: $ 181 Other expenses: $ 600 The remaining $1200+ would be more than enough to pay the Propsper loan in a timely manner. |
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