Consolidating debt from rental property remodel (re-listed)
| Loan Information |
| Loan Status:
| Current |
Origination Date:
| 2007-01-11 |
EricsCC ROI:
| 9% |
| Status History |
| Jan 13, 2007 |
Current |
My wife and I own rental property in the Brentwood area of Los Angeles. Earlier this year, we undertook a comprehensive upgrade of the property, completely remodeling both bathrooms and the kitchen. However, our project went over-budget, and we put some of the expenses of the remodel on our credit cards. While the rates on our cards are not prohibitive, we would like to transfer some of this debt to a single loan to free up our utilization and improve our credit scores, as we may be interested in purchasing additional rental property in the Palm Springs area in the next few months. The utilization is the reason our credit grade is a "B" -- all payments to all creditors have been made on time.
We have fantastic fixed rates on our first and second mortgages on our rental property, and we are happy with the cash flow from the rental income, so we do not wish to disturb either of these by refinancing. I have been doing some research into personal loans and other options; however, we have not found anything with rates and terms to our liking.
I recently read about prosper.com in Consumer Reports Money magazine and it sounded like just the thing we are looking for. We are seeking $25,000 to consolidate most of our remodel debt that remains unpaid. |
| Borrower's Other Listings |
| 72250 |
Consolidating debt from rental property remodel |
B |
$25,000 @ 13% |
Dec 08, 2006 |
Expired |
| 263080 |
Consolidating debt from rental property remodel (re-listed) |
B |
$6,400 @ 17% |
Jan 10, 2008 |
Expired |
| 382626 |
Just Purchased New Home / Selling Old One, Need Cushion |
B |
$7,500 @ 20% |
Aug 14, 2008 |
Loan created |
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