Down payment needed for income producing apartment building
| Listing Information | |||
|---|---|---|---|
| Amount: | $10,000.00 | Status: | Cancelled |
| Grade: | AA | DTI: | 22% |
| Lender Rate: | 12% | Borrower: | worth-armada |
| Finished | State: | MD | |
| Funded: | 100% | Group: | (No Group) |
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Purpose of loan: I need about $25,000 for a down payment on a 56 unit apartment building. I have almost $15,000 myself and need another $10,000 to be able to put in a contract. The building is in good shape and is 85% occupied. It currently generates about $2500 per month net income after all expenses including mortgage. My financial situation: I am a good candidate for this loan as I have a strong financial profile. My FICO is 689 as of Sept 1st. I know this because I tried for a home equity line as my first option however my bank and others are limiting LTVs to 75-80%. My home is worth $500,000 and my mortgage balance is $392,000 so I do have equity just not enough for the banks. I have been on my job for 5 years and earn between 80-90k per year. Base Salary is $72,000 and I have commissions which average about 1000-1500 per month. I am married and my wife is a school teacher. She has virtually no debt and makes $44,000 per year. The only debt I have is my mortgages (I also own 3 income producing rental houses) and one credit card with a $7000 balance. My monthly household income is over $10,000 and my total bills including all mortgages is about $6000 so I have a lot of disposable income to easily afford the monthly payment of this loan. Credit is tight from the banks right now and this is the way I hope to raise funds for this project. Thanks for checking. |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 403455 | Down payment needed for income producing apartment building | AA | $25,000 @ 26% | Sep 24, 2008 | Expired |
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