Eric's Credit Community

Real Estate Investor in Maryland needs funds to begin work renovations on newly acquired property.

I bought this property for 105K, and plan to do $90k in rehab work. Loan was provided by Equity Development Corporation. Property should resell for about $285,000 when complete. I have after repaired value appraisal report to support this.. I have already settled on this property. The loan covered the purchase price plus the renovations cost which are held in escrow by the lender.

Once construction begins, the bank will release funds to me as the contractor completes his work, and the work is inspected by the bank. The contractor is in good standing with the State of Maryland as verified by the lender and me. He?s MHIC license is in good standing.

Funds will be used to:

$4,500 - Demo work

$1,000 - Enginerring Stamps (Plan to raise roof and engineer must sign off and give stamped approval)

$500-Dumpster (For one week)

$500- Permits

Under terms of the loan agreement I have no payments on the property for six months and six months to complete all repairs. At this point I will either refinance the property or sell the property for a profit.

I've provided the group leader with documents of the escrow, HUD settlement from closing and copy of my recent tax returns to verify my income.

This loan wil allow me to begin the work on my property. The loan will be backed by the funds that I have in escrow. I could also support this debt with my salary from my job.

If you have any additional questions please contact me.