Investment Property
| Listing Information | |||
|---|---|---|---|
| Amount: | $12,000.00 | Status: | Loan created |
| Grade: | HR | DTI: | 9% |
| Lender Rate: | 28% | Borrower: | cwiley23 |
| Finished | State: | TX | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2007-02-23 | EricsCC ROI: | 22% |
| Status History | |
|---|---|
| Feb 23, 2007 | Current |
|
I will be using the Prosper loan to repair an investment property that I have already purchased. Once the repairs are made we will sell the house and make a profit of $30,000 from it. Outside of my personal income, I will have sufficient funds to repay the prosper loan when the house is sold. EXPLANATION OF BAD CREDIT: I have 2 delinquencies on my credit report. I was late on one of my investment property payments and this dropped my credit score. The mortgage company that my investment property was under switched to a different lender and my payment was mixed up in all this mess. The other delinquency is from a business credit card payment. I have had quite a few inquiries on my account trying to find home improvement loans to help with the repairs, but I have been going about the process all wrong. Here is a break down of the repairs needed for the house. The AC/heater unit will be completely replaced ($6,000), the sliding glass back door will be put in ($1,000), the backyard fence will be rebuilt ($3,000), landscaping will be done around the front, back and side yards ($300), the screens will be replaced on all the doors and windows ($1,000), the house will be repainted on the inside ($1,200), the carpets will be replaced ($3,000), and the sinks and faucets in the kitchen and bathrooms will be replaced ($1,500) and other miscellaneous and unexpected expenses ($1,000). Total: $18,000. Once the repairs are done to the property it will be in great condition to be sold and we already have 2 prospects lined up and ready to move in. Here is my monthly income: Net Income after deductions: $8,000 1)Clothing Co. Income: $7,000 2) Avon Sales Income: $500 3) Professional Dance Income: $500 Fiance's Income(mechanic/ former NFL player): $2,000 Total monthly Income: $10,000 Current Monthly Budget: 1)Rent (for my brother): $235 2)Mortgage: $1,500 3)Mortgage on Investment Property: $650 4)Phone: $200 5)Electricity & Water: $500 6)Food: $250 7)Insurance: $600 8)Cable/Internet: $90 9)Credit Cards: $500 10)Clothing, Miscellaneous Expenses: $700 11)Business Expenses: $1,600 Total Expenses: $6,825 Net monthly available cash after expenses is $1,175. After receiving the Prosper loan I will be making about a $750/mo. payment to my budget. My new budget will be as follows: 1)Rent (for my brother): $235 2)Mortgage: $1,500 3)Mortgage on Investment Property: $650 4)Phone: $200 5)Electricity & Water: $500 6)Food: $250 7)Insurance: $600 8)Cable/Internet: $90 9)Credit Cards: $500 10)Clothing, Miscellaneous Expenses: $700 11)Business Expenses: $1,600 12)Prosper Loan: $750 Total Expenses: $7,575 Net monthly available cash after expenses $425. Thanks in advanced! |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 79096 | Venturing Out In A New World | HR | $25,000 @ 22% | Dec 28, 2006 | Withdrawn |
| 82434 | Home Repairs | HR | $18,000 @ 28% | Jan 08, 2007 | Withdrawn |
| 84992 | Investment Property | HR | $18,000 @ 29% | Jan 14, 2007 | Expired |
| 94425 | Investment Property | HR | $12,000 @ 28% | Feb 06, 2007 | Withdrawn |
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