INVESTMENT FUNDS
| Listing Information | |||
|---|---|---|---|
| Amount: | $20,000.00 | Status: | Loan created |
| Grade: | C | DTI: | 13% |
| Lender Rate: | 17% | Borrower: | CHICKS222 |
| Finished | State: | WA | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Paid | Origination Date: | 2006-12-20 | EricsCC ROI: | 17% |
| Status History | |
|---|---|
| Dec 19, 2006 | Current |
| Sep 23, 2008 | Payoff in progress |
| Sep 27, 2008 | Paid |
|
I'M NEW TO PROSPER AND TRYING TO GET MY LISTING RIGHT. THIS IS THE THIRD ATTEMPT. SO... WHY DO I NEED THE MONEY? I HAVE A REAL ESTATE INVESTMENT (A GROUP OF CONDOS) THAT I AM TRYING TO FINANCE. HERE ARE THE DETAILS THE CONDOS ARE IN DALLAS, TX. THEY ARE 100% OCCUPIED AND ARE RENTING FOR 2-2.5% OF THE SALE PRICE PER MONTH. THE COST OF THE CONDOS IS $550,000 AND I HAVE $35000 TO PUT DOWN. I NEED $20,000 MORE TO HELP CLOSE THE PROPERTY. THE NET OPERATING INCOME IS $68,500/YEAR. THE CAP RATE IS 12% BASED ON CONSERVATIVE ESTIMATES. THE PRETAX CASH FLOW IS $24,900/YEAR. WITH DEPRECIATION OF AT LEAST $18,000/YEAR, A CONSERVATIVE 5% APPRECIATION RATE, 6% AREA VACANCY RATE, AND RENTAL INCREASES OF 3%/YEAR GIVE $50,000/YEAR PROFIT.90% OF THE PROJECT IS ALREADY FINANCED THROUGH A PROFESSIONAL LENDER. HOW WILL I PAY THE MONEY BACK? ALTHOUGH THE CASH FLOW ITSELF IS MORE THAN ENOUGH TO PAY BACK THE LOAN, I INTEND TO PAY FOR IT MYSELF WITH MY $240,000/YEAR INCOME AS A PHYSICIAN. IF WILL LIKELY PAY IT BACK OVER THE NEXT 6 MONTHS. IF I MAKE SO MUCH WHY DO I NEED TO BORROW? GOOD QUESTION. THE SAME REASON EVERYONE BORROWS. I SPEND MOST OF WHAT I MAKE (YOU MIGHT BE SURPRISED AT HOW FAST IT CAN GO) , AND LIKE ALOT OF PEOPLE I HAVE BEEN IN LARGE DEBT BEFORE JUST FROM OVERSPENDING. CURRENTLY I HAVE ONE CREDIT CARD WITH $500 ON IT. AFTER SPENDING THE LAST 2 YEARS PAYING BACK DEBT, I HAVE A $5000-7000/ EXTRA PER MONTH TO INVEST WHY THE CREDIT RATING OF "C"? I GOT SLOPPY WITH MY CREDIT CARD DEBT 2 YEARS AGO. SINCE THEN I DON'T USE CREDIT CARDS. THEY ARE ALL PAID BACK (IN FACT CANCELED WHICH HURT MY CREDIT SCORE) I HAVE TWO ACCOUNTS DELINQUENT ON MY CREDIT SCORE. ONE IS A HOSPITAL BILL I GOT IN 2003 THAT I MAKE REGULAR PAYMENTS ON BUT THEY AUTOMATICALLY REPORT AFTER 6 MONTHS. THE INTEREST RATE IS 0% SO I HAVEN'T BEEN IN A RUSH TO PAY IT OFF. THE OTHER IS AN ERROR I AM TRYING TO GET REMOVED. I COULD PAY IT EASILY BUT I'LL BE DIPPED IF I'LL PAY THEM WHEN I DON'T OWE THEM. I HAVE NEVER DEFAULTED ON A LOAN I ACTUALLY OWED. THANKS FOR THE CONSIDERATION. |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 68242 | REAL ESTATE DEAL | C | $25,000 @ 13% | Nov 29, 2006 | Withdrawn |
| 69253 | INVESTMENT FUNDS | C | $20,000 @ 20% | Dec 02, 2006 | Withdrawn |
|
Discussion For This Listing
|
||
|---|---|---|
|
No Comments Found For This Listing
|