GREAT SECURE LOAN, A BORROWER DTI INCORRECT
| Listing Information | |||
|---|---|---|---|
| Amount: | $20,000.00 | Status: | Loan created |
| Grade: | A | DTI: | 348% |
| Lender Rate: | 15% | Borrower: | Seriouslendingsolutions |
| Finished | State: | CA | |
| Funded: | 100% | Group: | 435 Supporting Lenders - Get FUNDED @ LOWER % than ANY group |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | 4+ months late | Origination Date: | 2007-02-02 | EricsCC ROI: | -43% |
| Status History | |
|---|---|
| Feb 01, 2007 | Current |
| Mar 17, 2008 | Late |
| Apr 03, 2008 | 1 month late |
| May 03, 2008 | 2 months late |
| Jun 05, 2008 | 3 months late |
| Jul 09, 2008 | 4+ months late |
|
This is a re-listed loan. It funded and was canceled by Prosper. I was able to clear up any questions that Prosper had about my income documentation and they have now read and approved my docs which are now on file in their system. My current income is much much higher than reflected in DTI I am a Realtor & mortgage loan officer. I am in process of perfecting development on a business model that offers homeowners with a comprehensive solution to impending foreclosure. I need funds to help pay for the additional fix up for sale of my duplex, some business and advertising expenses, and some shortfall in cashflow until I start receiving paychecks again in 45-60 days. I have spent the last 6 months putting together a program tailored for people who are facing foreclosure. The program combines education with a bundle of services that give people the maximum amount of choices for their specific situation. I am uniquely qualified to put this business model together because I have been a loan officer, Realtor, credit repair specialist, for 13 years. I have been a designer and teacher for 20 years. Why is my DTI so High? Well three reasons really. 1. Health issues- A year and a half ago I had a baby. While this has been the most beautiful experience of my life, I was 42 when my son was born and the pregnancy was hard on my body which made it difficult for me to work let alone move much. None-the-less I still did about $48K worth of business on top of that I have my rental property which brings in $2k a month, in addition I sold about another $2k items a month on EBAY and Craigslist. ( Selling personal items is not included on my taxes) Even in constant pain I still managed to make $98k income. 2. Business Model - It has taken a long time to put together the right players and the right programs to get this new business together. I still need a web master and tech support who would want to come in for some founders stock. 3. Remodel -Victorians cost a lot more to repair and remodel than newer homes. I have spent $270K remodeling this home. The good news is that it was a good investment. Why am I a good candidate for a loan? 1. I have an A credit rating and I have not made one late payment on my 20+ year credit history. 2. A great deal of the money I currently owe has gone to remodeling my duplex. This has increased its value. I will be putting on the market in the next couple of weeks for between 1 mil and 1.1 mil. 3. The act of putting the real estate sign out front of my duplex is going to increase my business & increase my business. 4. I am simplifying my lifestyle and reducing my expenses. 5. The business model I have designed is extremely useful, timely, and much needed. 6. I am passionate about my work. I know from every fiber of my being this is what I was meant to do with my life! 7. As a result of the seeds I have planted for the last several months, I have a great pipeline. My pipeline consists of: $760,000 listing with highly motivated sellers who must sell due to impending foreclosure. We will have this home fixed up and on the market by 1/26/07. ( 21k in commission) I have a business credit client who is needing financingI have another buyer who needs a 1.5 mil loan (15k loan origination) I also have several FICO score coaching clients worth several hundred dollars and several design and staging prospects. |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 81191 | GREAT LOAN, A BORROWER, TOMPORARILY HIGH DTI | A | $20,000 @ 15% | Jan 04, 2007 | Cancelled |
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