I will not have a wife any longer if we continue to literally live in my mom's basement, waiting for the house in PA to sell.
I have $29k in the bank, ~$30k of BDK equity, ~$55k worth of house in PA. I will also personally take a loan out from BDK in the amount of ~$16k.
House we now want is $48k. I figure ~$55k is a safe number for the minor repairs required after moving and immediate appliances required, moving expenses, and short-term living expenses prior to finding employment. 55k-29k-16k=10k. Pay stubs and income tax statements will not be provided.
Interest payments will occur every 30 days after the loan is made and be 2% of principal (if you take the full loan, that'd be $200/month). Early repayment and partial repayment will be permitted. If I pay early, principal will amortize the next 30-day period, but not the current (that is, if I have a $10k loan out to you, repay $5k "today," I will pay $200 "this" month for interest, but only $100 interest for the next payment period, and $100 for each month after until loan is further paid down). For total early repayment, I will pay interest for the month as determined by the outstanding debt I have with you at the beginning of the month. So, assuming I have $10k debt with you still, and I pay it off "today," I will pay $10,200, and that will be the end of the loan.
6 month due date is not based on anything -- arbitrary number which assumes the house will sell in that time, or we can earn enough income to pay it off, or I'll crawl to family and beg, or crawl to other lenders and beg. Give me some time and I'll try to find a replacement if you ever want out of the contract, or have BDK take the loan (I'd prefer not to have much more than 1/5 of BDK coins invested in me personally, but I suppose I could if absolutely necessary, perhaps to some grumbles of BDK investors) - or if you'd like to sell your loan with me to someone else, that's fine, too, so long as they understand the loan agreement does not change.
Questions/comments will be responded to when I see 'em. I'm going to sleep, now, but I'll take a look tomorrow morning. We leave to look at a couple houses tomorrow. Since I don't have the cash to buy the house immediately, I'll offer a $10k deposit, and give myself 3 months to pay the remaining balance to the current home-owner, pending inspection. The loan, then, does not have to be immediate, and does not have to occur for months, potentially. I'll wait to post the house listing until our offer's been accepted to keep you vultures from buying it.
I can accept the loan via wire, ACH, or something like WU. I do not have a BitPay account, so I am not willing to take BTC. PPUSD would be considered if the loan's broken up. I will not tolerate the risk of taking the loan in GoxUSD. Cheers!
(Beyond the home loan, I'd be interested in as many deposits as available in USD. I have more than enough BTC deposits ATM and am not selling BTC CDs any time soon.)
