ENTREPRENEURIAL FUEL
| Listing Information | |||
|---|---|---|---|
| Amount: | $10,000.00 | Status: | Loan created |
| Grade: | A | DTI: | 38% |
| Lender Rate: | 12% | Borrower: | CashFlowKing |
| Finished | State: | FL | |
| Funded: | 100% | Group: | Sonic Lenders |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Paid | Origination Date: | 2006-10-31 | EricsCC ROI: | 12% |
| Status History | |
|---|---|
| Nov 06, 2006 | Current |
| Oct 21, 2008 | Payoff in progress |
| Oct 25, 2008 | Paid |
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WHO ARE YOU LENDING TO: I am an entrepreneur and investor. During the day I work for a self-storage company in management and enjoy the education that I get about commercial real estate as a result of my job. I have been in management for over 5 years and have no intentions of changing fields or jobs during the course of this loan. Much of my free time is spent fueling my entrepreneurial spirit by investing in cash flow and high equity producing projects, typically in real estate. WHY YOU ARE LENDING TO ME: A business partner is offering me an equity position in an acquisition of two properties in Philadelphia PA. The funds from this loan are to cover my investment in both properties without digging into any of my other cash assets and I will look to pay it off within 18-24 months. My partner and I have an exit strategy on the properties of 24 months or less. One of the properties will be flipped after cosmetic upgrades are made (no structural issues to fix) and our timeline on the repairs and sale is a very conservative 5 months considering the fast approaching holiday season. The second property is one that we plan to hold onto after very small cosmetic upgrades and put a lease option (sometimes better known as a Rent-To-Own) contract on. This contract will have a 2-year purchase clause so that the tenant-buyers will have to purchase it within 2 years or we will be able to sell to someone else. SECURITY OF YOUR INVESTMENT: As you can see I take good care of my credit and thus the A rating. The last time I pulled my score it was 5 weeks ago and it was 759 at that time. As for the security of the loan, even if our investment does not go as planned I have all of the following as options for repaying this loan:
Thank you for your time in viewing my listing and consideration of my financing request. If you have any questions I would be happy to answer them by email at [EMAIL DELETED] |
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